Table 3.4
Determinants of Aggregate Fees and Expenses
	(1)	(2)	(3)	(4)	
	FeeExpOrd	FeeExpOrd	FeeExpOrd	FeeExpOrd	
VARIABLES	(log)	(log)	(log)	(log)	
					
Roles (log)	1.976***	0.983***	0.733***	0.739***	
	(0.110)	(0.132)	(0.138)	(0.136)	
Assets (log)		0.446***	0.389***	0.384***	
		(0.049)	(0.043)	(0.042)	
DaysIn (log)		0.321***	0.345***	0.364***	
		(0.082)	(0.077)	(0.079)	
YearConfirmed			0.089***	0.095***	
			(0.018)	(0.017)	
Employees (log)			0.085*	0.089*	
			(0.036)	(0.036)	
Shop			0.234*	0.255*	
			(0.099)	(0.101)	
363Sale				-0.252*	
				(0.106)	
Constant	11.616***	9.127***	-168.250***	-180.751***	
	(0.286)	(0.419)	(35.163)	(34.314)	
					
Observations	102	102	102	102	
Adjusted R-squared	0.73	0.88	0.91	0.91	
Robust standard errors in parentheses
*** p<0.001, ** p<0.01, * p<0.05, † p<0.10