Regression results for the effect of different joint audit pairs on audit quality in French, Moroccan, and Tunisian companies
| Data | French subsample | Moroccan subsample | Tunisian subsample | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | 0.00129 (0.00196) | 0.00418 (0.00257) | −0.000229 (0.00393) | 0.00765** (0.00334) | 0.00367 (0.00378) | −0.0209** (0.00985) | −0.00479 (0.0134) | −0.0198 (0.0137) | −0.00293 (0.0121) | −0.0174 (0.0120) | −0.0174 (0.0281) | −0.0401 (0.0255) | 0.100** (0.0466) | −0.0362 (0.0339) | −0.0381 (0.0231) | |||
| B4S1 | −0.00129 (0.00196) | 0.00290 (0.00232) | −0.00151 (0.00379) | 0.00636** (0.00315) | 0.00239 (0.00358) | 0.0209** (0.00985) | 0.0161 (0.0130) | 0.00107 (0.0127) | 0.0179* (0.0109) | 0.00352 (0.0114) | 0.0174 (0.0281) | −0.0227 (0.0172) | 0.118*** (0.0423) | −0.0188 (0.0254) | −0.0207 (0.0168) | |||
| B4S2 | −0.00418 (0.00257) | −0.00290 (0.00232) | −0.00441 (0.00384) | 0.00346 (0.00313) | −0.000514 (0.00347) | 0.00479 (0.0134) | −0.0161 (0.0130) | −0.0150 (0.0151) | 0.00186 (0.0135) | −0.0126 (0.0122) | 0.0401 (0.0255) | 0.0227 (0.0172) | 0.140*** (0.0439) | 0.00392 (0.0270) | 0.00201 (0.0158) | |||
| S1S1 | 0.000229 (0.00393) | 0.00151 (0.00379) | 0.00441 (0.00384) | 0.00788* (0.00435) | 0.00390 (0.00456) | 0.0198 (0.0137) | −0.00107 (0.0127) | 0.0150 (0.0151) | 0.0169 (0.0126) | 0.00245 (0.0123) | −0.100** (0.0466) | −0.118*** (0.0423) | −0.140*** (0.0439) | −0.136*** (0.0472) | −0.138*** (0.0435) | |||
| S1S2 | −0.00765** (0.00334) | −0.00636** (0.00315) | −0.00346 (0.00313) | −0.00788* (0.00435) | −0.00398 (0.00400) | 0.00293 (0.0121) | −0.0179* (0.0109) | −0.00186 (0.0135) | −0.0169 (0.0126) | −0.0144 (0.0109) | 0.0362 (0.0339) | 0.0188 (0.0254) | −0.00392 (0.0270) | 0.136*** (0.0472) | −0.00191 (0.0255) | |||
| S2S2 | −0.00367 (0.00378) | −0.00239 (0.00358) | 0.000514 (0.00347) | −0.00390 (0.00456) | 0.00398 (0.00400) | 0.0174 (0.0120) | −0.00352 (0.0114) | 0.0126 (0.0122) | −0.00245 (0.0123) | 0.0144 (0.0109) | 0.0381 (0.0231) | 0.0207 (0.0168) | −0.00201 (0.0158) | 0.138*** (0.0435) | 0.00191 (0.0255) | |||
| SPEC | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | −0.0358*** (0.00796) | −0.0358*** (0.00796) | −0.0358*** (0.00796) | −0.0358*** (0.00796) | −0.0358*** (0.00796) | −0.0358*** (0.00796) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) |
| LNTA | −0.148*** (0.0495) | −0.148*** (0.0495) | −0.148*** (0.0495) | −0.148*** (0.0495) | −0.148*** (0.0495) | −0.148*** (0.0495) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −1.873** (0.942) | −1.873** (0.942) | −1.873** (0.942) | −1.873** (0.942) | −1.873** (0.942) | −1.873** (0.942) |
| BUSY | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | - | - | - | - | - | - |
| IFRS | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.0163** (0.00803) | −0.0163** (0.00803) | −0.0163** (0.00803) | −0.0163** (0.00803) | −0.0163** (0.00803) | −0.0163** (0.00803) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) |
| OPINION | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.0569*** (0.0183) | −0.0569*** (0.0183) | −0.0569*** (0.0183) | −0.0569*** (0.0183) | −0.0569*** (0.0183) | −0.0569*** (0.0183) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) |
| CHANGE | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) |
| LOSS | −0.158* (0.0837) | −0.158* (0.0837) | −0.158* (0.0837) | −0.158* (0.0837) | −0.158* (0.0837) | −0.158* (0.0837) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) |
| LEV | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) |
| ROA | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) |
| MTB | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) |
| Sqrt_Sub | 0.0254*** (0.00524) | 0.0254*** (0.00524) | 0.0254*** (0.00524) | 0.0254*** (0.00524) | 0.0254*** (0.00524) | 0.0254*** (0.00524) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) |
| LIQ | −0.000302* (0.000176) | −0.000302* (0.000176) | −0.000302* (0.000176) | −0.000302* (0.000176) | −0.000302* (0.000176) | −0.000302* (0.000176) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) |
| Sqrt_Age | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) |
| SHARES | 0.0113*** (0.00235) | 0.0113*** (0.00235) | 0.0113*** (0.00235) | 0.0113*** (0.00235) | 0.0113*** (0.00235) | 0.0113*** (0.00235) | 0.0226*** (0.00809) | 0.0226*** (0.00809) | 0.0226*** (0.00809) | 0.0226*** (0.00809) | 0.0226*** (0.00809) | 0.0226*** (0.00809) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) |
| IMR1 | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | 0.0421* (0.0240) | 0.0421* (0.0240) | 0.0421* (0.0240) | 0.0421* (0.0240) | 0.0421* (0.0240) | 0.0421* (0.0240) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) |
| IMR2 | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | −0.0603* (0.0316) | −0.0603* (0.0316) | −0.0603* (0.0316) | −0.0603* (0.0316) | −0.0603* (0.0316) | −0.0603* (0.0316) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) |
| IMR3 | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0375** (0.0188) | 0.0375** (0.0188) | 0.0375** (0.0188) | 0.0375** (0.0188) | 0.0375** (0.0188) | 0.0375** (0.0188) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) |
| IMR4 | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) |
| IMR5 | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | −0.0480* (0.0259) | −0.0480* (0.0259) | −0.0480* (0.0259) | −0.0480* (0.0259) | −0.0480* (0.0259) | −0.0480* (0.0259) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) |
| IMR6 | −0.0645*** (0.0127) | −0.0645*** (0.0127) | −0.0645*** (0.0127) | −0.0645*** (0.0127) | −0.0645*** (0.0127) | −0.0645*** (0.0127) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 1.127** (0.500) | 1.126** (0.500) | 1.123** (0.501) | 1.128** (0.501) | 1.120** (0.501) | 1.124** (0.501) | 2.445 (3.061) | 2.466 (3.061) | 2.450 (3.066) | 2.465 (3.061) | 2.448 (3.062) | 2.463 (3.064) | 19.32* (10.65) | 19.34* (10.66) | 19.36* (10.66) | 19.22* (10.65) | 19.36* (10.66) | 19.36* (10.66) |
| Observations | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 502 | 502 | 502 | 502 | 502 | 502 | 300 | 300 | 300 | 300 | 300 | 300 |
| R-squared | 0.204 | 0.204 | 0.204 | 0.204 | 0.204 | 0.204 | 0.274 | 0.274 | 0.274 | 0.274 | 0.274 | 0.274 | 0.374 | 0.374 | 0.374 | 0.374 | 0.374 | 0.374 |
| Data | French subsample | Moroccan subsample | Tunisian subsample | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | 0.00129 (0.00196) | 0.00418 (0.00257) | −0.000229 (0.00393) | 0.00765 | 0.00367 (0.00378) | −0.0209 | −0.00479 (0.0134) | −0.0198 (0.0137) | −0.00293 (0.0121) | −0.0174 (0.0120) | −0.0174 (0.0281) | −0.0401 (0.0255) | 0.100 | −0.0362 (0.0339) | −0.0381 (0.0231) | |||
| B4S1 | −0.00129 (0.00196) | 0.00290 (0.00232) | −0.00151 (0.00379) | 0.00636 | 0.00239 (0.00358) | 0.0209 | 0.0161 (0.0130) | 0.00107 (0.0127) | 0.0179 | 0.00352 (0.0114) | 0.0174 (0.0281) | −0.0227 (0.0172) | 0.118 | −0.0188 (0.0254) | −0.0207 (0.0168) | |||
| B4S2 | −0.00418 (0.00257) | −0.00290 (0.00232) | −0.00441 (0.00384) | 0.00346 (0.00313) | −0.000514 (0.00347) | 0.00479 (0.0134) | −0.0161 (0.0130) | −0.0150 (0.0151) | 0.00186 (0.0135) | −0.0126 (0.0122) | 0.0401 (0.0255) | 0.0227 (0.0172) | 0.140 | 0.00392 (0.0270) | 0.00201 (0.0158) | |||
| S1S1 | 0.000229 (0.00393) | 0.00151 (0.00379) | 0.00441 (0.00384) | 0.00788 | 0.00390 (0.00456) | 0.0198 (0.0137) | −0.00107 (0.0127) | 0.0150 (0.0151) | 0.0169 (0.0126) | 0.00245 (0.0123) | −0.100 | −0.118 | −0.140 | −0.136 | −0.138 | |||
| S1S2 | −0.00765 | −0.00636 | −0.00346 (0.00313) | −0.00788 | −0.00398 (0.00400) | 0.00293 (0.0121) | −0.0179 | −0.00186 (0.0135) | −0.0169 (0.0126) | −0.0144 (0.0109) | 0.0362 (0.0339) | 0.0188 (0.0254) | −0.00392 (0.0270) | 0.136 | −0.00191 (0.0255) | |||
| S2S2 | −0.00367 (0.00378) | −0.00239 (0.00358) | 0.000514 (0.00347) | −0.00390 (0.00456) | 0.00398 (0.00400) | 0.0174 (0.0120) | −0.00352 (0.0114) | 0.0126 (0.0122) | −0.00245 (0.0123) | 0.0144 (0.0109) | 0.0381 (0.0231) | 0.0207 (0.0168) | −0.00201 (0.0158) | 0.138 | 0.00191 (0.0255) | |||
| 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | 0.00249 (0.00332) | −0.0358 | −0.0358 | −0.0358 | −0.0358 | −0.0358 | −0.0358 | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | 0.00299 (0.0165) | |
| −0.148 | −0.148 | −0.148 | −0.148 | −0.148 | −0.148 | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −0.325 (0.279) | −1.873 | −1.873 | −1.873 | −1.873 | −1.873 | −1.873 | |
| −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −4.24e-05 (0.00207) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | −0.00120 (0.0225) | - | - | - | - | - | - | |
| −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.00364 (0.00355) | −0.0163 | −0.0163 | −0.0163 | −0.0163 | −0.0163 | −0.0163 | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | 0.0226 (0.0276) | |
| OPINION | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.00107 (0.00533) | −0.0569 | −0.0569 | −0.0569 | −0.0569 | −0.0569 | −0.0569 | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) | 0.0487 (0.0798) |
| 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | 0.00179 (0.00304) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.000843 (0.0109) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | −0.0132 (0.0148) | |
| −0.158 | −0.158 | −0.158 | −0.158 | −0.158 | −0.158 | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | −0.514 (0.406) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | 3.160 (5.293) | |
| −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | −0.00310 (0.00194) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.00520 (0.0140) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | 0.0849 (0.0696) | |
| 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | 0.000339 (0.00533) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | −0.00693 (0.0371) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | 0.220 (0.220) | |
| 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | 0.000818 (0.000574) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00216 (0.00228) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | −0.00205 (0.00349) | |
| Sqrt_Sub | 0.0254 | 0.0254 | 0.0254 | 0.0254 | 0.0254 | 0.0254 | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.104 (0.0690) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) | 0.564 (0.472) |
| −0.000302 | −0.000302 | −0.000302 | −0.000302 | −0.000302 | −0.000302 | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | 0.000625 (0.00252) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | −0.00799 (0.00518) | |
| Sqrt_Age | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.000193 (0.000358) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | 0.00184 (0.00206) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) | −0.00570 (0.00369) |
| 0.0113 | 0.0113 | 0.0113 | 0.0113 | 0.0113 | 0.0113 | 0.0226 | 0.0226 | 0.0226 | 0.0226 | 0.0226 | 0.0226 | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | 0.0290 (0.0436) | |
| IMR1 | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | −0.00874 (0.0157) | 0.0421 | 0.0421 | 0.0421 | 0.0421 | 0.0421 | 0.0421 | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) | 0.0927 (0.0705) |
| IMR2 | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | 0.0211 (0.0159) | −0.0603 | −0.0603 | −0.0603 | −0.0603 | −0.0603 | −0.0603 | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) | −0.0296 (0.204) |
| IMR3 | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0144 (0.0141) | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | 0.0375 | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) | −0.0209 (0.152) |
| IMR4 | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0125 (0.0228) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0388 (0.0270) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) | 0.0197 (0.0401) |
| IMR5 | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | 0.0209 (0.0154) | −0.0480 | −0.0480 | −0.0480 | −0.0480 | −0.0480 | −0.0480 | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) | 0.173 (0.107) |
| IMR6 | −0.0645 | −0.0645 | −0.0645 | −0.0645 | −0.0645 | −0.0645 | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.00805 (0.0233) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) | −0.233 (0.151) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 1.127 | 1.126 | 1.123 | 1.128 | 1.120 | 1.124 | 2.445 (3.061) | 2.466 (3.061) | 2.450 (3.066) | 2.465 (3.061) | 2.448 (3.062) | 2.463 (3.064) | 19.32 | 19.34 | 19.36 | 19.22 | 19.36 | 19.36 |
| Observations | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 3,590 | 502 | 502 | 502 | 502 | 502 | 502 | 300 | 300 | 300 | 300 | 300 | 300 |
| 0.204 | 0.204 | 0.204 | 0.204 | 0.204 | 0.204 | 0.274 | 0.274 | 0.274 | 0.274 | 0.274 | 0.274 | 0.374 | 0.374 | 0.374 | 0.374 | 0.374 | 0.374 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.