Table 7.

Robustness test on alternative variables of financing constraints.

	(1)	(2)	(3)	(4)	(5)	(6)
		BIG4 = = 0	BIG4 = = 1
AUDITOR	−0.107∗	−0.116∗	0.208	−0.178∗	−0.069∗	−0.019∗∗
	(0.099)	(0.076)	(0.528)	(0.050)	(0.099)	(0.045)
Auditor × Soe(SIZE)				0.277∗∗	0.0001∗∗∗
				(0.038)	(0.000)
SIZE					−0.047∗∗∗
					(0.000)
SOE	−0.011∗∗∗	0.010∗∗∗	0.021∗∗∗	−0.015∗∗∗		0.190∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)		(0.000)
LEV	−0.110∗∗∗	0.105∗∗∗	0.169∗∗∗	−0.117∗∗∗	0.0139∗∗∗	3.989∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
ROA	−0.266∗∗∗	0.269∗∗∗	0.368∗∗∗	−0.274∗∗∗	−0.165∗∗∗	−3.765∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
AGE	0.008∗∗∗	0.005∗∗∗	0.035∗∗∗	0.008∗∗∗	0.005∗∗∗	0.050∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.031)
CFO	−0.081∗∗∗	0.076∗∗∗	0.147∗∗∗	−0.094∗∗∗	−0.069∗∗∗	−3.650∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Tobin's Q	0.008∗∗∗	0.007∗∗∗	0.033∗∗∗	0.008∗∗∗	0.001∗∗∗	0.099∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
TOP1	−0.032∗∗∗	0.031∗∗∗	0.033∗∗∗	−0.041∗∗∗	−0.009∗∗∗	−0.731∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
BSIZE	−0.058∗∗∗	0.057∗∗∗	0.054∗∗∗	−0.064∗∗∗	0.0005	−0.110∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.810)	(0.014)
OUTDIR	−0.121∗∗∗	0.107∗∗∗	0.140∗∗∗	−0.146∗∗∗	0.020∗∗∗	0.238
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.114)
DUAL	0.004∗∗∗	0.004∗∗∗	0.006	0.004∗∗∗	−0.001	−0.071∗∗∗
	(0.000)	(0.000)	(0.268)	(0.000)	(0.121)	(0.000)
Market	−0.002∗∗∗	0.001∗∗∗	0.005∗∗∗	−0.003∗∗∗	−0.001∗∗∗	−0.005
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.157)
BIG4	−0.056∗∗∗					−0.081∗∗∗
	(0.000)					(0.000)
Year	Control	Control	Control	Control	Control	Control
Industry	Control	Control	Control	Control	Control	Control
Constant	−0.782∗∗∗	0.787∗∗∗	0.815∗∗∗	−0.747∗∗∗	0.0171∗	1.737∗∗∗
	(0.000)	(0.000)	(0.000)	(0.000)	(0.093)	(0.000)
N	10933	10192	741	10933	10933	15145
R 2	0.458	0.389	0.542	0.419	0.455	0.611

Note. P values are in parentheses, and ^∗, ^∗∗, and ^∗∗∗ indicate significance at the 10%, 5%, and 1% levels, respectively. Data source: collected and sorted by the authors.