变量

(1)

(2)

Value

Value

$du$

0.074

0.043

0.071

0.035^*

(0.233)

(0.135)

(0.223)

(0.111)

$dt$

0.185^*

0.169^*

0.178^*

0.156^*

(0.871)

(0.799)

(0.837)

(0.732)

$du\times dt$

0.560^**

0.500^*

0.561^**

0.498^**

(1.224)

(1.094)

(1.225)

(1.089)

Invest

0.773^**

1.577^**

(0.406)

(0.816)

Size

0.441^***

0.462^***

0.438^***

0.459^***

(7.432)

(7.727)

(7.360)

(7.659)

Lev

0.046^*

0.048^*

0.046^*

0.049^*

(1.564)

(1.637)

(1.577)

(1.667)

Cash

0.513^*

0.027

0.619

0.215

(0.396)

(0.020)

(0.468)

(0.159)

Board

−1.572^***

−1.416^***

−1.596^***

−1.453^***

(−3.643)

(−3.241)

(−0.366)

(−3.307)

Ins

−1.561^**

−1.542^**

−1.583^**

−1.585^**

(−1.875)

(−1.854)

(−1.895)

(−1.903)

截距项

15.211^**

15.159^***

15.178^***

15.081^***

(11.114)

(11.027)

(11.057)

(10.938)

行业

否

是

否

是

年份

否

是

否

是

N

1191

1191

1191

1191

调整R²

0.226

0.230

0.242

0.229

F

15.47

10.87

13.74

10.08