Recvinv

−0.0129

39.2783

20.4107

1.7136

1.5748

0.0039

0.0017

0.5832***

(−0.18)

(0.77)

(1.33)

(0.32)

(0.83)

(0.44)

(0.55)

(9.88)

Other rec

1.4424***

1062.5833***

131.4756*

115.6347***

22.3656**

0.1533***

0.0178

−0.3940

(3.16)

(3.52)

(1.65)

(3.58)

(2.14)

(3.08)

(1.19)

(−1.27)

Size

0.1032***

72.3635***

7.0015***

5.0360***

0.1568

0.0061***

−0.0008*

0.0244***

(8.81)

(8.85)

(2.81)

(5.83)

(0.50)

(4.32)

(−1.70)

(2.67)

Growth

0.0771***

65.1923***

10.0153**

4.6185***

0.5411

0.0046*

−0.0007

0.0195

(3.41)

(4.20)

(2.00)

(2.82)

(0.87)

(1.70)

(−0.72)

(1.09)

Loss

0.0149

52.0254

16.6948*

6.1877*

2.8146**

0.0038

0.0022

−0.0644*

(0.33)

(1.64)

(1.90)

(1.93)

(2.50)

(0.71)

(1.29)

(−1.85)

Age

−0.0029**

−1.5398

0.1616

−0.0412

0.0594

−0.0001

0.0001

−0.0069***

(−1.97)

(−1.51)

(0.54)

(−0.38)

(1.55)

(−0.72)

(1.21)

(−5.90)

Cfo

−0.3896**

−214.7409*

8.9526

−28.5658**

−4.7432

−0.0512***

−0.0084

0.3966***

(−2.34)

(−1.90)

(0.28)

(−2.48)

(−1.20)

(−2.66)

(−1.29)

(3.21)

Audit type

0.0153

45.1232

12.6762

7.2002

2.6913*

0.0079

0.0034

−0.0225

(0.22)

(1.02)

(1.17)

(1.64)

(1.95)

(1.08)

(1.43)

(−0.53)

Constant

−0.2332

−575.7194**

356.8697***

−2.6762

52.4459***

0.0821**

0.1248***

1.3763***

(−0.73)

(−2.56)

(5.28)

(−0.11)

(5.73)

(2.04)

(8.79)

(4.98)

Industry

year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

5655

5655

5655

5655

5655

5655

5655

5655

R-sq

0.1140

0.1266

0.0802

0.1127

0.0876

0.0996

0.0888

0.3633