Variable | (1) | (2) | (3) |
---|---|---|---|
Syn | Syn | Syn | |
Ad | −1.043a (−3.86) | −1.073a (−3.97) | −1.067a (−3.95) |
Debt |  | −0.262a (−4.30) | −0.258a (−4.25) |
Size | Â | 0.017 (1.07) | 0.016 (0.99) |
Mb |  | −0.043b (−2.37) | −0.044b (−2.38) |
Turnover |  | −0.104a (−11.67) | −0.109a (−12.21) |
Big4 |  | −0.139a (−3.31) | −0.134a (−3.20) |
Age | Â | 0.058a (3.43) | 0.050a (2.83) |
Roa |  | −0.051 (−0.26) | −0.043 (−0.22) |
Institution |  | −0.284a (−5.73) | −0.238a (−4.58) |
Top1 |  |  | −0.176a (−2.63) |
Msh | Â | Â | 0.014 (0.71) |
Independent | Â | Â | 0.073 (0.46) |
_Cons | 0.026 (0.21) | 0.194 (0.52) | 0.263 (0.70) |
Year fixed effects | Yes | Yes | Yes |
Industry fixed effects | Yes | Yes | Yes |
No. of obs. | 9,360 | 9,360 | 9,360 |
Adj. R2 | 0.291 | 0.323 | 0.324 |