Regression results for the effect of different joint audit pairs on audit quality across French, Moroccan and Tunisian companies
| Data | France vs Morocco | France vs Tunisia | Morocco vs Tunisia | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | −0.0189 (0.0228) | −0.0173 (0.0227) | −0.0153 (0.0228) | −0.0206 (0.0230) | −0.0126 (0.0228) | −0.0146 (0.0229) | 0.0143 (0.0876) | 0.0155 (0.0876) | 0.0183 (0.0875) | 0.0150 (0.0876) | 0.0234 (0.0875) | 0.0190 (0.0875) | 0.0150 (0.0667) | 0.00786 (0.0667) | −0.000864 (0.0665) | 0.0117 (0.0674) | 0.0345 (0.0678) | 0.0157 (0.0669) |
| B4S1 | −0.00626 (0.0231) | −0.00465 (0.0231) | −0.00261 (0.0231) | −0.00797 (0.0234) | 5.53e-05 (0.0232) | −0.00194 (0.0232) | 0.0146 (0.0846) | 0.0158 (0.0846) | 0.0186 (0.0845) | 0.0153 (0.0847) | 0.0237 (0.0845) | 0.0193 (0.0845) | 0.0497 (0.0647) | 0.0426 (0.0645) | 0.0339 (0.0637) | 0.0464 (0.0654) | 0.0693 (0.0655) | 0.0505 (0.0645) |
| B4S2 | −0.0142 (0.0234) | −0.0126 (0.0233) | −0.0105 (0.0234) | −0.0159 (0.0236) | −0.00787 (0.0234) | −0.00986 (0.0235) | 0.0201 (0.0861) | 0.0212 (0.0861) | 0.0241 (0.0860) | 0.0208 (0.0861) | 0.0291 (0.0860) | 0.0248 (0.0860) | 0.0547 (0.0643) | 0.0475 (0.0643) | 0.0388 (0.0641) | 0.0513 (0.0651) | 0.0742 (0.0654) | 0.0554 (0.0644) |
| S1S1 | 0.00577 (0.0236) | 0.00739 (0.0236) | 0.00942 (0.0236) | 0.00406 (0.0238) | 0.0121 (0.0236) | 0.0101 (0.0237) | −0.0239 (0.0855) | −0.0228 (0.0855) | −0.0199 (0.0855) | −0.0232 (0.0856) | −0.0149 (0.0855) | −0.0192 (0.0855) | 0.000864 (0.0652) | −0.00628 (0.0651) | −0.0150 (0.0652) | −0.00247 (0.0652) | 0.0204 (0.0658) | 0.00160 (0.0653) |
| S1S2 | −0.0258 (0.0223) | −0.0242 (0.0222) | −0.0221 (0.0223) | −0.0275 (0.0225) | −0.0194 (0.0223) | −0.0214 (0.0223) | 0.0664 (0.0909) | 0.0676 (0.0909) | 0.0704 (0.0908) | 0.0671 (0.0909) | 0.0755 (0.0908) | 0.0711 (0.0907) | 0.0709 (0.0718) | 0.0637 (0.0714) | 0.0550 (0.0706) | 0.0675 (0.0724) | 0.0904 (0.0724) | 0.0716 (0.0715) |
| S2S2 | −0.0315 (0.0223) | −0.0299 (0.0223) | −0.0279 (0.0223) | −0.0332 (0.0225) | −0.0252 (0.0223) | −0.0272 (0.0224) | 0.0380 (0.0855) | 0.0392 (0.0855) | 0.0420 (0.0854) | 0.0387 (0.0855) | 0.0471 (0.0854) | 0.0427 (0.0854) | 0.0630 (0.0651) | 0.0558 (0.0650) | 0.0471 (0.0643) | 0.0596 (0.0659) | 0.0825 (0.0659) | 0.0637 (0.0650) |
| SPEC | −0.00800*** (0.00307) | −0.00800*** (0.00307) | −0.00800*** (0.00307) | −0.00800*** (0.00307) | −0.00800*** (0.00307) | −0.00800*** (0.00307) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) |
| LNTA | −0.100* (0.0513) | −0.100* (0.0513) | −0.100* (0.0513) | −0.100* (0.0513) | −0.100* (0.0513) | −0.100* (0.0513) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −1.031*** (0.336) | −1.031*** (0.336) | −1.031*** (0.336) | −1.031*** (0.336) | −1.031*** (0.336) | −1.031*** (0.336) |
| BUSY | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) |
| IFRS | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.0157* (0.00866) | 0.0157* (0.00866) | 0.0157* (0.00866) | 0.0157* (0.00866) | 0.0157* (0.00866) | 0.0157* (0.00866) |
| OPINION | −0.0177*** (0.00686) | −0.0177*** (0.00686) | −0.0177*** (0.00686) | −0.0177*** (0.00686) | −0.0177*** (0.00686) | −0.0177*** (0.00686) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | −0.0569*** (0.0166) | −0.0569*** (0.0166) | −0.0569*** (0.0166) | −0.0569*** (0.0166) | −0.0569*** (0.0166) | −0.0569*** (0.0166) |
| CHANGE | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) |
| LOSS | −0.212** (0.105) | −0.212** (0.105) | −0.212** (0.105) | −0.212** (0.105) | −0.212** (0.105) | −0.212** (0.105) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | 1.596** (0.698) | 1.596** (0.698) | 1.596** (0.698) | 1.596** (0.698) | 1.596** (0.698) | 1.596** (0.698) |
| LEV | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | 0.0373** (0.0150) | 0.0373** (0.0150) | 0.0373** (0.0150) | 0.0373** (0.0150) | 0.0373** (0.0150) | 0.0373** (0.0150) |
| ROA | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.176*** (0.0670) | 0.176*** (0.0670) | 0.176*** (0.0670) | 0.176*** (0.0670) | 0.176*** (0.0670) | 0.176*** (0.0670) |
| MTB | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | −0.00384* (0.00200) | −0.00384* (0.00200) | −0.00384* (0.00200) | −0.00384* (0.00200) | −0.00384* (0.00200) | −0.00384* (0.00200) |
| Sqrt_Sub | 0.0125** (0.00575) | 0.0125** (0.00575) | 0.0125** (0.00575) | 0.0125** (0.00575) | 0.0125** (0.00575) | 0.0125** (0.00575) | 0.0130*** (0.00445) | 0.0130*** (0.00445) | 0.0130*** (0.00445) | 0.0130*** (0.00445) | 0.0130*** (0.00445) | 0.0130*** (0.00445) | 0.272*** (0.0882) | 0.272*** (0.0882) | 0.272*** (0.0882) | 0.272*** (0.0882) | 0.272*** (0.0882) | 0.272*** (0.0882) |
| LIQ | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.00384* (0.00197) | −0.00384* (0.00197) | −0.00384* (0.00197) | −0.00384* (0.00197) | −0.00384* (0.00197) | −0.00384* (0.00197) |
| Sqrt_Age | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) |
| SHARES | 0.00775*** (0.00213) | 0.00775*** (0.00213) | 0.00775*** (0.00213) | 0.00775*** (0.00213) | 0.00775*** (0.00213) | 0.00775*** (0.00213) | 0.00804*** (0.00271) | 0.00804*** (0.00271) | 0.00804*** (0.00271) | 0.00804*** (0.00271) | 0.00804*** (0.00271) | 0.00804*** (0.00271) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) |
| NIG | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) |
| IMR1 | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) |
| IMR2 | 0.0294* (0.0156) | 0.0294* (0.0156) | 0.0294* (0.0156) | 0.0294* (0.0156) | 0.0294* (0.0156) | 0.0294* (0.0156) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) |
| IMR3 | 0.0488*** (0.0158) | 0.0488*** (0.0158) | 0.0488*** (0.0158) | 0.0488*** (0.0158) | 0.0488*** (0.0158) | 0.0488*** (0.0158) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.121** (0.0599) | −0.121** (0.0599) | −0.121** (0.0599) | −0.121** (0.0599) | −0.121** (0.0599) | −0.121** (0.0599) |
| IMR4 | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) |
| IMR5 | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0611*** (0.0222) | 0.0611*** (0.0222) | 0.0611*** (0.0222) | 0.0611*** (0.0222) | 0.0611*** (0.0222) | 0.0611*** (0.0222) | 0.0999** (0.0393) | 0.0999** (0.0393) | 0.0999** (0.0393) | 0.0999** (0.0393) | 0.0999** (0.0393) | 0.0999** (0.0393) |
| IMR6 | −0.0612*** (0.0140) | −0.0612*** (0.0140) | −0.0612*** (0.0140) | −0.0612*** (0.0140) | −0.0612*** (0.0140) | −0.0612*** (0.0140) | −0.0459*** (0.0156) | −0.0459*** (0.0156) | −0.0459*** (0.0156) | −0.0459*** (0.0156) | −0.0459*** (0.0156) | −0.0459*** (0.0156) | −0.135*** (0.0355) | −0.135*** (0.0355) | −0.135*** (0.0355) | −0.135*** (0.0355) | −0.135*** (0.0355) | −0.135*** (0.0355) |
| 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 | 0.724 (0.583) | 0.723 (0.583) | 0.721 (0.583) | 0.726 (0.583) | 0.718 (0.583) | 0.720 (0.584) | −0.0377 (0.588) | −0.0388 (0.588) | −0.0417 (0.588) | −0.0383 (0.588) | −0.0467 (0.589) | −0.0424 (0.589) | 10.98*** (3.589) | 10.99*** (3.589) | 11.00*** (3.595) | 10.98*** (3.589) | 10.96*** (3.590) | 10.98*** (3.591) |
| Observations | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 802 | 802 | 802 | 802 | 802 | 802 |
| R-squared | 0.187 | 0.187 | 0.187 | 0.187 | 0.187 | 0.187 | 0.216 | 0.216 | 0.216 | 0.216 | 0.216 | 0.216 | 0.266 | 0.266 | 0.266 | 0.266 | 0.266 | 0.266 |
| Data | France vs Morocco | France vs Tunisia | Morocco vs Tunisia | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| B4B4 | −0.0189 (0.0228) | −0.0173 (0.0227) | −0.0153 (0.0228) | −0.0206 (0.0230) | −0.0126 (0.0228) | −0.0146 (0.0229) | 0.0143 (0.0876) | 0.0155 (0.0876) | 0.0183 (0.0875) | 0.0150 (0.0876) | 0.0234 (0.0875) | 0.0190 (0.0875) | 0.0150 (0.0667) | 0.00786 (0.0667) | −0.000864 (0.0665) | 0.0117 (0.0674) | 0.0345 (0.0678) | 0.0157 (0.0669) |
| B4S1 | −0.00626 (0.0231) | −0.00465 (0.0231) | −0.00261 (0.0231) | −0.00797 (0.0234) | 5.53e-05 (0.0232) | −0.00194 (0.0232) | 0.0146 (0.0846) | 0.0158 (0.0846) | 0.0186 (0.0845) | 0.0153 (0.0847) | 0.0237 (0.0845) | 0.0193 (0.0845) | 0.0497 (0.0647) | 0.0426 (0.0645) | 0.0339 (0.0637) | 0.0464 (0.0654) | 0.0693 (0.0655) | 0.0505 (0.0645) |
| B4S2 | −0.0142 (0.0234) | −0.0126 (0.0233) | −0.0105 (0.0234) | −0.0159 (0.0236) | −0.00787 (0.0234) | −0.00986 (0.0235) | 0.0201 (0.0861) | 0.0212 (0.0861) | 0.0241 (0.0860) | 0.0208 (0.0861) | 0.0291 (0.0860) | 0.0248 (0.0860) | 0.0547 (0.0643) | 0.0475 (0.0643) | 0.0388 (0.0641) | 0.0513 (0.0651) | 0.0742 (0.0654) | 0.0554 (0.0644) |
| S1S1 | 0.00577 (0.0236) | 0.00739 (0.0236) | 0.00942 (0.0236) | 0.00406 (0.0238) | 0.0121 (0.0236) | 0.0101 (0.0237) | −0.0239 (0.0855) | −0.0228 (0.0855) | −0.0199 (0.0855) | −0.0232 (0.0856) | −0.0149 (0.0855) | −0.0192 (0.0855) | 0.000864 (0.0652) | −0.00628 (0.0651) | −0.0150 (0.0652) | −0.00247 (0.0652) | 0.0204 (0.0658) | 0.00160 (0.0653) |
| S1S2 | −0.0258 (0.0223) | −0.0242 (0.0222) | −0.0221 (0.0223) | −0.0275 (0.0225) | −0.0194 (0.0223) | −0.0214 (0.0223) | 0.0664 (0.0909) | 0.0676 (0.0909) | 0.0704 (0.0908) | 0.0671 (0.0909) | 0.0755 (0.0908) | 0.0711 (0.0907) | 0.0709 (0.0718) | 0.0637 (0.0714) | 0.0550 (0.0706) | 0.0675 (0.0724) | 0.0904 (0.0724) | 0.0716 (0.0715) |
| S2S2 | −0.0315 (0.0223) | −0.0299 (0.0223) | −0.0279 (0.0223) | −0.0332 (0.0225) | −0.0252 (0.0223) | −0.0272 (0.0224) | 0.0380 (0.0855) | 0.0392 (0.0855) | 0.0420 (0.0854) | 0.0387 (0.0855) | 0.0471 (0.0854) | 0.0427 (0.0854) | 0.0630 (0.0651) | 0.0558 (0.0650) | 0.0471 (0.0643) | 0.0596 (0.0659) | 0.0825 (0.0659) | 0.0637 (0.0650) |
| −0.00800 | −0.00800 | −0.00800 | −0.00800 | −0.00800 | −0.00800 | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | 0.00432 (0.00441) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | −0.0131 (0.00795) | |
| −0.100 | −0.100 | −0.100 | −0.100 | −0.100 | −0.100 | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −0.0315 (0.0546) | −1.031 | −1.031 | −1.031 | −1.031 | −1.031 | −1.031 | |
| −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | −6.84e-05 (0.00206) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | 9.86e-05 (0.00209) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | −0.0210 (0.0231) | |
| −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | −0.00441 (0.00317) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.00257 (0.00382) | 0.0157 | 0.0157 | 0.0157 | 0.0157 | 0.0157 | 0.0157 | |
| OPINION | −0.0177 | −0.0177 | −0.0177 | −0.0177 | −0.0177 | −0.0177 | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | 0.00224 (0.00544) | −0.0569 | −0.0569 | −0.0569 | −0.0569 | −0.0569 | −0.0569 |
| 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00163 (0.00313) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00166 (0.00336) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | 0.00539 (0.00872) | |
| −0.212 | −0.212 | −0.212 | −0.212 | −0.212 | −0.212 | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | −0.0390 (0.114) | 1.596 | 1.596 | 1.596 | 1.596 | 1.596 | 1.596 | |
| −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.00188 (0.00145) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | −0.000955 (0.00208) | 0.0373 | 0.0373 | 0.0373 | 0.0373 | 0.0373 | 0.0373 | |
| 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.00324 (0.00494) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.000397 (0.00656) | 0.176 | 0.176 | 0.176 | 0.176 | 0.176 | 0.176 | |
| 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000261 (0.000548) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | 0.000293 (0.000580) | −0.00384 | −0.00384 | −0.00384 | −0.00384 | −0.00384 | −0.00384 | |
| Sqrt_Sub | 0.0125 | 0.0125 | 0.0125 | 0.0125 | 0.0125 | 0.0125 | 0.0130 | 0.0130 | 0.0130 | 0.0130 | 0.0130 | 0.0130 | 0.272 | 0.272 | 0.272 | 0.272 | 0.272 | 0.272 |
| −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000256 (0.000251) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.000203 (0.000159) | −0.00384 | −0.00384 | −0.00384 | −0.00384 | −0.00384 | −0.00384 | |
| Sqrt_Age | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | 0.000220 (0.000363) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −3.94e-05 (0.000371) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) | −0.000952 (0.00164) |
| 0.00775 | 0.00775 | 0.00775 | 0.00775 | 0.00775 | 0.00775 | 0.00804 | 0.00804 | 0.00804 | 0.00804 | 0.00804 | 0.00804 | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | 0.00753 (0.00611) | |
| −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −0.00216 (0.00157) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | −1.02e-05 (0.00229) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | 0.00145 (0.00272) | |
| IMR1 | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.0252 (0.0167) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | −0.00573 (0.0172) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) | 0.0350 (0.0362) |
| IMR2 | 0.0294 | 0.0294 | 0.0294 | 0.0294 | 0.0294 | 0.0294 | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0121 (0.0179) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) | 0.0951 (0.0852) |
| IMR3 | 0.0488 | 0.0488 | 0.0488 | 0.0488 | 0.0488 | 0.0488 | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.0109 (0.0151) | −0.121 | −0.121 | −0.121 | −0.121 | −0.121 | −0.121 |
| IMR4 | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0139 (0.0229) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | −0.0144 (0.0249) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) | 0.0298 (0.0318) |
| IMR5 | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0167 (0.0144) | 0.0611 | 0.0611 | 0.0611 | 0.0611 | 0.0611 | 0.0611 | 0.0999 | 0.0999 | 0.0999 | 0.0999 | 0.0999 | 0.0999 |
| IMR6 | −0.0612 | −0.0612 | −0.0612 | −0.0612 | −0.0612 | −0.0612 | −0.0459 | −0.0459 | −0.0459 | −0.0459 | −0.0459 | −0.0459 | −0.135 | −0.135 | −0.135 | −0.135 | −0.135 | −0.135 |
| 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 | 0.724 (0.583) | 0.723 (0.583) | 0.721 (0.583) | 0.726 (0.583) | 0.718 (0.583) | 0.720 (0.584) | −0.0377 (0.588) | −0.0388 (0.588) | −0.0417 (0.588) | −0.0383 (0.588) | −0.0467 (0.589) | −0.0424 (0.589) | 10.98 | 10.99 | 11.00 | 10.98 | 10.96 | 10.98 |
| Observations | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 802 | 802 | 802 | 802 | 802 | 802 |
| 0.187 | 0.187 | 0.187 | 0.187 | 0.187 | 0.187 | 0.216 | 0.216 | 0.216 | 0.216 | 0.216 | 0.216 | 0.266 | 0.266 | 0.266 | 0.266 | 0.266 | 0.266 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
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