Table 8 Additional control variables

Ad

−1.070^a (−3.97)

−1.063^a (−3.94)

Debt

−0.260^a (−4.27)

−0.263^a (−4.32)

Size

0.017 (1.03)

0.017 (1.06)

Mb

−0.043^b (−2.38)

−0.044^b (−2.40)

Turnover

−0.109^a (−12.28)

−0.108^a (−12.16)

Big4

−0.135^a (−3.24)

−0.136^a (−3.24)

Age

0.050^a (2.84)

0.050^a (2.83)

Roa

−0.051 (−0.26)

−0.048 (−0.24)

Institution

−0.241^a (−4.67)

−0.240^a (−4.63)

Top1

−0.183^a (−2.74)

−0.179^a (−2.68)

Msh

0.014 (0.68)

0.014 (0.68)

Independent

0.088 (0.56)

0.079 (0.51)

HHI

−0.687^a (−2.64)

Indn

1.674^c (1.96)

_Cons

0.314 (0.84)

0.242 (0.65)

Year fixed effects

Yes

Yes

Industry fixed effects

Yes

Yes

No. of obs.

9,360

9,360

Adj. R²

0.325

0.324