The big 4 subsample
| Variables | (1) | (2) |
|---|---|---|
| LAF | LAF | |
| LNPEN | 0.011*** (7.808) | |
| LNNUM | 0.119*** (7.496) | |
| Intercept | 10.478*** (55.853) | 10.531*** (62.244) |
| Control variables | Yes | Yes |
| Year and industry FE | Yes | Yes |
| N | 9,566 | 9,566 |
| Adjusted R2 | 0.785 | 0.786 |
| Variables | (1) | (2) |
|---|---|---|
| 0.011 | ||
| 0.119 | ||
| Intercept | 10.478 | 10.531 |
| Control variables | Yes | Yes |
| Year and industry | Yes | Yes |
| 9,566 | 9,566 | |
| Adjusted | 0.785 | 0.786 |
*, ** and *** indicate significance (two-tailed) at 0.10, 0.05 and 0.01 levels, respectively. Standard errors are robust to heteroscedasticity and clustered by firm. The control variables used in Columns 1–2 are obtained from Model 1
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