VARIABLES

(1)

(2)

finance

−0.0669**

[0.0250]

experienced

−0.1028**

[0.0183]

edu

0.0260

0.0348

[0.3456]

[0.2143]

gender

−0.0069

−0.0027

[0.8250]

[0.9326]

lnage

0.0354

0.0375

[0.6761]

[0.6581]

subscription

−0.0486***

−0.0497***

[0.0006]

[0.0005]

lnwage

0.0097

0.0082

[0.6824]

[0.7295]

lag

−0.0052

−0.0173

[0.9305]

[0.7695]

lag_number

−0.2855***

−0.3008***

[0.0000]

[0.0000]

Market return

0.7738**

0.8389**

[0.0297]

[0.0191]

estyear

−0.0946**

−0.0935**

[0.0247]

[0.0262]

debt

−0.0516

−0.0158

[0.7103]

[0.9100]

size

0.0804

0.0700

[0.1049]

[0.1579]

Independent director

−0.2878

−0.2828

[0.2863]

[0.2944]

Ipo size

−0.2047***

−0.1999***

[0.0000]

[0.0000]

Cpa firm rank

0.0308

0.0285

[0.3125]

[0.3486]

growth

−0.0189

−0.0249

[0.5363]

[0.4177]

ROA

0.5161*

0.5390*

[0.0817]

[0.0693]

Year

Control

Control

Industry

Control

Control

Constant

2.5592***

2.7448***

[0.0011]

[0.0005]

Observations

352

352

Adjusted R-squared

0.4607

0.4616