| (1) | (2) | (3) | (4) |
VARIABLES | SA | SA | SA | SA |
L.DIFI | −0.213** |
|
|
|
| (−2.50) |
|
|
|
L.DCB |
| 0.300** |
|
|
|
| (2.28) |
|
|
L.DUD |
|
| −0.221*** |
|
|
|
| (−4.75) |
|
L.DSS |
|
|
| −0.033 |
|
|
|
| (−1.27) |
Cash | 0.017** | 0.017** | 0.017** | 0.017** |
| (2.30) | (2.28) | (2.32) | (2.29) |
Growth | −0.001 | −0.001 | −0.001 | −0.001 |
| (−0.69) | (−0.69) | (−0.71) | (−0.69) |
Lev | −0.065*** | −0.065*** | −0.064*** | −0.065*** |
| (−11.46) | (−11.46) | (−11.41) | (−11.47) |
ROA | −0.062*** | −0.062*** | −0.062*** | −0.062*** |
| (−7.83) | (−7.85) | (−7.91) | (−7.82) |
top 1 | 0.106*** | 0.105*** | 0.105*** | 0.106*** |
| (6.63) | (6.56) | (6.59) | (6.61) |
bm | −0.041*** | −0.041*** | −0.041*** | −0.041*** |
| (−10.00) | (−10.04) | (−10.04) | (−10.00) |
opinion | −0.001 | −0.001 | −0.001 | −0.001 |
| (−0.33) | (−0.31) | (−0.31) | (−0.33) |
board | −0.019*** | −0.019*** | −0.019*** | −0.019*** |
| (−4.39) | (−4.37) | (−4.43) | (−4.37) |
balance3 | 0.003 | 0.002 | 0.002 | 0.003 |
| (1.49) | (1.42) | (1.43) | (1.48) |
Constant | −3.650*** | −3.774*** | −3.646*** | −3.694*** |
| (−144.25) | (−113.20) | (−208.42) | (−250.76) |
个体固定 | YES | YES | YES | YES |
时间固定 | YES | YES | YES | YES |
Observations | 8851 | 8851 | 8851 | 8851 |
R-squared | 0.979 | 0.979 | 0.979 | 0.979 |