Variable | (1) | (2) | (3) | (4) |
lnRD | lnRD | lnRD | lnRD | |
lnSub | 0.2989*** | 0.0453* | 0.0377** | 0.0268** |
(5.1931) | (1.8208) | (2.0725) | (2.0230) | |
Roe |
| 1.7278** |
| −0.3364 |
| (2.2561) |
| (−0.5072) | |
Size |
| 1.0244*** |
| 0.7012*** |
| (31.4565) |
| (7.9101) | |
Top1 |
| 0.0035 |
| 0.0066 |
| (1.0901) |
| (1.1486) | |
DPR |
| 0.0089** |
| −0.0184** |
| (2.0649) |
| (−2.5864) | |
F_leve |
| −0.0114 |
| −0.0085 |
| (−0.2949) |
| (−0.3026) | |
O_leve |
| 0.0929*** |
| −0.0371* |
| (3.0137) |
| (−1.7982) | |
HHI_A |
| −2.4249*** |
| −14.4411*** |
| (−3.4200) |
| (−3.0624) | |
Constant | 14.0147*** | −4.5952*** | 16.8616*** | 6.2229** |
(16.5427) | (−7.0749) | (50.2848) | (2.2895) | |
N | 561 | 561 | 561 | 561 |
R-squared | 0.2215 | 0.9056 | 0.5987 | 0.7219 |
firm | no | no | yes | yes |
year | no | no | yes | yes |
Number of stkcd | 99 | 99 | 99 | 99 |