VARIABLES

(1)

(2)

(3)

TQ

TQ

TQ

RA

2.089***

14.420

(3.94)

(1.44)

RA*SIZE

−0.573*

(−1.70)

SIZE

−1.565***

−1.218***

(−11.55)

(−4.28)

STOCK

0.206

−0.372

−0.515

(0.28)

(−0.48)

(−0.67)

ROA

3.063***

4.366***

4.108***

(4.43)

(7.00)

(6.50)

Debt

−1.900***

−0.768*

−0.501

(−4.13)

(−1.89)

(−1.11)

ID

1.848**

0.841

0.898

(2.41)

(1.20)

(1.29)

Constant

2.831***

38.504***

29.755***

(4.66)

(12.74)

(4.55)

year

控制

控制

控制

Observations

5,407

5,407

5,407

R-squared

0.501

0.542

0.550