Regression results for the effect of different joint audit pairs on audit report delays across French, Moroccan and Tunisian companies
| France vs Morocco | France VS Tunisia | Morocco VS Tunisia | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Morocco/Tunisia | −17.21*** (1.619) | 18.91*** (2.967) | 33.23*** (3.811) | ||||||||||||||||||
| B4B4 | −6.914** (2.967) | −10.32*** (2.844) | −15.74*** (2.876) | −13.58*** (3.048) | −17.11*** (3.036) | −24.19*** (3.059) | 57.57*** (8.387) | 53.12*** (8.330) | 47.45*** (8.298) | 50.04*** (8.387) | 46.33*** (8.339) | 37.83*** (8.287) | 56.67*** (9.410) | 54.58*** (8.759) | 70.87*** (8.912) | 58.41*** (8.539) | 69.46*** (8.512) | 68.69*** (8.158) | |||
| B4S1 | −4.546 (2.880) | −7.953*** (2.741) | −13.38*** (2.748) | −11.21*** (2.955) | −14.74*** (2.914) | −21.82*** (2.904) | 19.03*** (5.594) | 14.58*** (5.548) | 8.909 (5.499) | 11.50** (5.588) | 7.794 (5.593) | −0.712 (5.571) | 12.00 (8.273) | 9.913 (7.725) | 26.20*** (6.720) | 13.74* (7.428) | 24.79*** (6.960) | 24.02*** (6.305) | |||
| B4S2 | −5.504* (3.241) | −8.911*** (3.102) | −14.33*** (3.069) | −12.17*** (3.234) | −15.70*** (3.216) | −22.78*** (3.208) | 26.74*** (4.271) | 22.28*** (4.179) | 16.62*** (4.135) | 19.21*** (4.315) | 15.50*** (4.255) | 6.994* (4.219) | 28.57*** (6.841) | 26.48*** (5.970) | 42.77*** (5.771) | 30.30*** (5.667) | 41.36*** (5.537) | 40.58*** (4.603) | |||
| S1S1 | −4.510 (2.970) | −7.916*** (2.812) | −13.34*** (2.806) | −11.18*** (3.024) | −14.70*** (2.985) | −21.79*** (2.959) | −9.484*** (3.518) | −13.94*** (3.391) | −19.61*** (3.423) | −17.02*** (3.575) | −20.72*** (3.558) | −29.23*** (3.613) | −5.008 (5.916) | −7.100 (5.247) | 9.186* (5.416) | −3.276 (4.481) | 7.780* (4.527) | 7.003 (5.228) | |||
| S1S2 | −13.26*** (2.853) | −16.67*** (2.658) | −22.09*** (2.604) | −19.93*** (2.850) | −23.45*** (2.755) | −30.54*** (2.710) | 33.84*** (11.07) | 29.39*** (11.03) | 23.72** (10.98) | 26.31** (11.08) | 22.60** (11.00) | 14.10 (10.98) | 24.42** (12.10) | 22.33* (11.77) | 38.62*** (11.39) | 26.15** (11.99) | 37.21*** (11.96) | 36.43*** (11.29) | |||
| S2S2 | −18.54*** (3.067) | −21.95*** (2.917) | −27.37*** (2.855) | −25.21*** (3.061) | −28.73*** (3.004) | −35.82*** (2.968) | 33.52*** (5.982) | 29.07*** (5.940) | 23.40*** (5.831) | 25.99*** (6.002) | 22.29*** (5.850) | 13.78** (5.756) | 22.19** (9.863) | 20.10** (8.781) | 36.38*** (7.479) | 23.92*** (8.349) | 34.98*** (7.636) | 34.20*** (6.985) | |||
| SPEC | −0.245 (1.620) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 7.877*** (2.408) | 12.09*** (2.476) | 12.09*** (2.476) | 12.09*** (2.476) | 12.09*** (2.476) | 12.09*** (2.476) | 12.09*** (2.476) | 4.411 (3.363) | 8.702** (3.519) | 8.702** (3.519) | 8.702** (3.519) | 8.702** (3.519) | 8.702** (3.519) | 8.702** (3.519) |
| LNTA | −4.689*** (0.287) | −3.955*** (0.304) | −3.955*** (0.304) | −3.955*** (0.304) | −3.955*** (0.304) | −3.955*** (0.304) | −3.955*** (0.304) | −5.019*** (0.312) | −4.071*** (0.330) | −4.071*** (0.330) | −4.071*** (0.330) | −4.071*** (0.330) | −4.071*** (0.330) | −4.071*** (0.330) | −1.588 (1.221) | −4.066*** (1.487) | −4.066*** (1.487) | −4.066*** (1.487) | −4.066*** (1.487) | −4.066*** (1.487) | −4.066*** (1.487) |
| BUSY | −4.665*** (0.948) | −3.674*** (0.939) | −3.674*** (0.939) | −3.674*** (0.939) | −3.674*** (0.939) | −3.674*** (0.939) | −3.674*** (0.939) | −3.679*** (0.962) | −2.673*** (0.942) | −2.673*** (0.942) | −2.673*** (0.942) | −2.673*** (0.942) | −2.673*** (0.942) | −2.673*** (0.942) | −50.17*** (6.078) | −52.07*** (6.224) | −52.07*** (6.224) | −52.07*** (6.224) | −52.07*** (6.224) | −52.07*** (6.224) | −52.07*** (6.224) |
| IFRS | −5.143*** (1.187) | −4.393*** (1.204) | −4.393*** (1.204) | −4.393*** (1.204) | −4.393*** (1.204) | −4.393*** (1.204) | −4.393*** (1.204) | −6.807*** (1.485) | −4.703*** (1.501) | −4.703*** (1.501) | −4.703*** (1.501) | −4.703*** (1.501) | −4.703*** (1.501) | −4.703*** (1.501) | −12.92*** (3.916) | −12.08*** (3.924) | −12.08*** (3.924) | −12.08*** (3.924) | −12.08*** (3.924) | −12.08*** (3.924) | −12.08*** (3.924) |
| OPINION | −1.051 (2.475) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | 5.553** (2.658) | 6.578** (2.709) | 6.578** (2.709) | 6.578** (2.709) | 6.578** (2.709) | 6.578** (2.709) | 6.578** (2.709) | −1.226 (3.777) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) |
| CHANGE | 3.084** (1.326) | 2.876** (1.327) | 2.876** (1.327) | 2.876** (1.327) | 2.876** (1.327) | 2.876** (1.327) | 2.876** (1.327) | 1.523 (1.751) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 0.855 (4.535) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) |
| LOSS | 2.135** (1.063) | 2.621** (1.044) | 2.621** (1.044) | 2.621** (1.044) | 2.621** (1.044) | 2.621** (1.044) | 2.621** (1.044) | 5.263*** (1.289) | 5.246*** (1.259) | 5.246*** (1.259) | 5.246*** (1.259) | 5.246*** (1.259) | 5.246*** (1.259) | 5.246*** (1.259) | 19.48*** (4.354) | 17.47*** (4.310) | 17.47*** (4.310) | 17.47*** (4.310) | 17.47*** (4.310) | 17.47*** (4.310) | 17.47*** (4.310) |
| LEV | −0.0341 (0.0237) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | 0.0489* (0.0284) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0924 (0.0759) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) |
| ROA | 0.0630 (0.0460) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.127** (0.0517) | 0.116** (0.0507) | 0.116** (0.0507) | 0.116** (0.0507) | 0.116** (0.0507) | 0.116** (0.0507) | 0.116** (0.0507) | −0.205 (0.325) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) |
| MTB | −1.502*** (0.211) | −1.437*** (0.211) | −1.437*** (0.211) | −1.437*** (0.211) | −1.437*** (0.211) | −1.437*** (0.211) | −1.437*** (0.211) | −1.756*** (0.233) | −1.470*** (0.230) | −1.470*** (0.230) | −1.470*** (0.230) | −1.470*** (0.230) | −1.470*** (0.230) | −1.470*** (0.230) | −0.793 (0.914) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) |
| Sqrt_Sub | 0.000364 (0.0997) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | −0.114 (0.104) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | 2.115*** (0.641) | 3.143*** (0.695) | 3.143*** (0.695) | 3.143*** (0.695) | 3.143*** (0.695) | 3.143*** (0.695) | 3.143*** (0.695) |
| LIQ | −0.0113** (0.00474) | −0.0116** (0.00463) | −0.0116** (0.00463) | −0.0116** (0.00463) | −0.0116** (0.00463) | −0.0116** (0.00463) | −0.0116** (0.00463) | −0.0353*** (0.00547) | −0.0374*** (0.00533) | −0.0374*** (0.00533) | −0.0374*** (0.00533) | −0.0374*** (0.00533) | −0.0374*** (0.00533) | −0.0374*** (0.00533) | −0.0590*** (0.0134) | −0.0618*** (0.0133) | −0.0618*** (0.0133) | −0.0618*** (0.0133) | −0.0618*** (0.0133) | −0.0618*** (0.0133) | −0.0618*** (0.0133) |
| Sqrt_Age | −0.860*** (0.167) | −0.779*** (0.163) | −0.779*** (0.163) | −0.779*** (0.163) | −0.779*** (0.163) | −0.779*** (0.163) | −0.779*** (0.163) | −0.474*** (0.174) | −0.439** (0.171) | −0.439** (0.171) | −0.439** (0.171) | −0.439** (0.171) | −0.439** (0.171) | −0.439** (0.171) | −0.387 (0.714) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) |
| SHARES | 0.170*** (0.0159) | 0.137*** (0.0163) | 0.137*** (0.0163) | 0.137*** (0.0163) | 0.137*** (0.0163) | 0.137*** (0.0163) | 0.137*** (0.0163) | 0.164*** (0.0167) | 0.122*** (0.0172) | 0.122*** (0.0172) | 0.122*** (0.0172) | 0.122*** (0.0172) | 0.122*** (0.0172) | 0.122*** (0.0172) | −0.0887 (0.0978) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) |
| Restatement | 1.335 (0.889) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 0.317 (0.975) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.629 (3.621) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) |
| Year FE | Yes | Yes | Yes | 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 | Yes | Yes | Yes |
| Constant | 174.2*** (4.908) | 156.5*** (5.234) | 159.9*** (5.138) | 165.3*** (4.953) | 163.2*** (5.086) | 166.7*** (4.928) | 173.8*** (5.004) | 171.3*** (5.381) | 148.8*** (5.786) | 153.3*** (5.682) | 159.0*** (5.464) | 156.4*** (5.591) | 160.1*** (5.453) | 168.6*** (5.453) | 177.5*** (18.70) | 221.9*** (26.45) | 224.0*** (25.61) | 207.7*** (23.61) | 220.2*** (25.25) | 209.1*** (24.62) | 209.9*** (22.62) |
| Observations | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 810 | 810 | 810 | 810 | 810 | 810 | 810 |
| R-squared | 0.298 | 0.326 | 0.326 | 0.326 | 0.326 | 0.326 | 0.326 | 0.374 | 0.404 | 0.404 | 0.404 | 0.404 | 0.404 | 0.404 | 0.478 | 0.510 | 0.510 | 0.510 | 0.510 | 0.510 | 0.510 |
| France vs Morocco | France | Morocco | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Morocco/Tunisia | −17.21 | 18.91 | 33.23 | ||||||||||||||||||
| B4B4 | −6.914 | −10.32 | −15.74 | −13.58 | −17.11 | −24.19 | 57.57 | 53.12 | 47.45 | 50.04 | 46.33 | 37.83 | 56.67 | 54.58 | 70.87 | 58.41 | 69.46 | 68.69 | |||
| B4S1 | −4.546 (2.880) | −7.953 | −13.38 | −11.21 | −14.74 | −21.82 | 19.03 | 14.58 | 8.909 (5.499) | 11.50 | 7.794 (5.593) | −0.712 (5.571) | 12.00 (8.273) | 9.913 (7.725) | 26.20 | 13.74* (7.428) | 24.79 | 24.02 | |||
| B4S2 | −5.504* (3.241) | −8.911 | −14.33 | −12.17 | −15.70 | −22.78 | 26.74 | 22.28 | 16.62 | 19.21 | 15.50 | 6.994* (4.219) | 28.57 | 26.48 | 42.77 | 30.30 | 41.36 | 40.58 | |||
| S1S1 | −4.510 (2.970) | −7.916 | −13.34 | −11.18 | −14.70 | −21.79 | −9.484 | −13.94 | −19.61 | −17.02 | −20.72 | −29.23 | −5.008 (5.916) | −7.100 (5.247) | 9.186* (5.416) | −3.276 (4.481) | 7.780* (4.527) | 7.003 (5.228) | |||
| S1S2 | −13.26 | −16.67 | −22.09 | −19.93 | −23.45 | −30.54 | 33.84 | 29.39 | 23.72 | 26.31 | 22.60 | 14.10 (10.98) | 24.42 | 22.33* (11.77) | 38.62 | 26.15 | 37.21 | 36.43 | |||
| S2S2 | −18.54 | −21.95 | −27.37 | −25.21 | −28.73 | −35.82 | 33.52 | 29.07 | 23.40 | 25.99 | 22.29 | 13.78 | 22.19 | 20.10 | 36.38 | 23.92 | 34.98 | 34.20 | |||
| −0.245 (1.620) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 0.383 (1.643) | 7.877 | 12.09 | 12.09 | 12.09 | 12.09 | 12.09 | 12.09 | 4.411 (3.363) | 8.702 | 8.702 | 8.702 | 8.702 | 8.702 | 8.702 | |
| −4.689 | −3.955 | −3.955 | −3.955 | −3.955 | −3.955 | −3.955 | −5.019 | −4.071 | −4.071 | −4.071 | −4.071 | −4.071 | −4.071 | −1.588 (1.221) | −4.066 | −4.066 | −4.066 | −4.066 | −4.066 | −4.066 | |
| −4.665 | −3.674 | −3.674 | −3.674 | −3.674 | −3.674 | −3.674 | −3.679 | −2.673 | −2.673 | −2.673 | −2.673 | −2.673 | −2.673 | −50.17 | −52.07 | −52.07 | −52.07 | −52.07 | −52.07 | −52.07 | |
| −5.143 | −4.393 | −4.393 | −4.393 | −4.393 | −4.393 | −4.393 | −6.807 | −4.703 | −4.703 | −4.703 | −4.703 | −4.703 | −4.703 | −12.92 | −12.08 | −12.08 | −12.08 | −12.08 | −12.08 | −12.08 | |
| OPINION | −1.051 (2.475) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | −0.197 (2.501) | 5.553 | 6.578 | 6.578 | 6.578 | 6.578 | 6.578 | 6.578 | −1.226 (3.777) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) | −1.477 (4.042) |
| 3.084 | 2.876 | 2.876 | 2.876 | 2.876 | 2.876 | 2.876 | 1.523 (1.751) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 1.366 (1.709) | 0.855 (4.535) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | −0.668 (4.470) | |
| 2.135 | 2.621 | 2.621 | 2.621 | 2.621 | 2.621 | 2.621 | 5.263 | 5.246 | 5.246 | 5.246 | 5.246 | 5.246 | 5.246 | 19.48 | 17.47 | 17.47 | 17.47 | 17.47 | 17.47 | 17.47 | |
| −0.0341 (0.0237) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | −0.0362 (0.0236) | 0.0489* (0.0284) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0386 (0.0290) | 0.0924 (0.0759) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | 0.141* (0.0854) | |
| 0.0630 (0.0460) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.0689 (0.0457) | 0.127 | 0.116 | 0.116 | 0.116 | 0.116 | 0.116 | 0.116 | −0.205 (0.325) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | −0.223 (0.330) | |
| −1.502 | −1.437 | −1.437 | −1.437 | −1.437 | −1.437 | −1.437 | −1.756 | −1.470 | −1.470 | −1.470 | −1.470 | −1.470 | −1.470 | −0.793 (0.914) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | −1.153 (0.902) | |
| Sqrt_Sub | 0.000364 (0.0997) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | 0.0141 (0.0988) | −0.114 (0.104) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | −0.135 (0.101) | 2.115 | 3.143 | 3.143 | 3.143 | 3.143 | 3.143 | 3.143 |
| −0.0113 | −0.0116 | −0.0116 | −0.0116 | −0.0116 | −0.0116 | −0.0116 | −0.0353 | −0.0374 | −0.0374 | −0.0374 | −0.0374 | −0.0374 | −0.0374 | −0.0590 | −0.0618 | −0.0618 | −0.0618 | −0.0618 | −0.0618 | −0.0618 | |
| Sqrt_Age | −0.860 | −0.779 | −0.779 | −0.779 | −0.779 | −0.779 | −0.779 | −0.474 | −0.439 | −0.439 | −0.439 | −0.439 | −0.439 | −0.439 | −0.387 (0.714) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) | −1.097 (0.850) |
| 0.170 | 0.137 | 0.137 | 0.137 | 0.137 | 0.137 | 0.137 | 0.164 | 0.122 | 0.122 | 0.122 | 0.122 | 0.122 | 0.122 | −0.0887 (0.0978) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | −0.130 (0.0952) | |
| Restatement | 1.335 (0.889) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 1.565* (0.877) | 0.317 (0.975) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.639 (0.955) | 0.629 (3.621) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) | 2.372 (3.573) |
| Year | Yes | Yes | Yes | 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 | Yes | Yes | Yes |
| Constant | 174.2 | 156.5 | 159.9 | 165.3 | 163.2 | 166.7 | 173.8 | 171.3 | 148.8 | 153.3 | 159.0 | 156.4 | 160.1 | 168.6 | 177.5 | 221.9 | 224.0 | 207.7 | 220.2 | 209.1 | 209.9 |
| Observations | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 3,890 | 810 | 810 | 810 | 810 | 810 | 810 | 810 |
| 0.298 | 0.326 | 0.326 | 0.326 | 0.326 | 0.326 | 0.326 | 0.374 | 0.404 | 0.404 | 0.404 | 0.404 | 0.404 | 0.404 | 0.478 | 0.510 | 0.510 | 0.510 | 0.510 | 0.510 | 0.510 | |
***, **, * indicates significant at 1, 5, and 10% significance levels, respectively
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