(1)

(2)

(3)

(4)

VARIABLES

SA

SA

SA

SA

L2.DIFI

−0.203**

(−1.97)

L2.DCB

0.178

(1.25)

L2.DUD

−0.167***

(−3.44)

L2.DSS

−0.014

(−0.50)

Cash

0.014**

0.014**

0.014**

0.014**

(2.00)

(1.96)

(2.00)

(1.97)

Growth

−0.000

−0.000

−0.000

−0.000

(−0.37)

(−0.37)

(−0.37)

(−0.37)

Lev

−0.043***

−0.042***

−0.042***

−0.043***

(−7.06)

(−7.05)

(−7.00)

(−7.06)

ROA

−0.053***

−0.053***

−0.053***

−0.053***

(−7.56)

(−7.59)

(−7.60)

(−7.56)

top 1

0.086***

0.085***

0.085***

0.086***

(5.04)

(4.99)

(5.01)

(5.03)

bm

−0.042***

−0.042***

−0.042***

−0.042***

(−10.19)

(−10.23)

(−10.22)

(−10.21)

opinion

−0.002

−0.002

−0.002

−0.002

(−0.94)

(−0.95)

(−0.93)

(−0.95)

board

−0.013***

−0.013***

−0.013***

−0.013***

(−3.12)

(−3.11)

(−3.12)

(−3.12)

balance3

0.001

0.001

0.001

0.001

(0.68)

(0.64)

(0.63)

(0.67)

Constant

−3.689***

−3.777***

−3.697***

−3.734***

(−132.86)

(−113.48)

(−213.17)

(−248.05)

个体固定

YES

YES

YES

YES

时间固定

YES

YES

YES

YES

Observations

7616

7616

7616

7616

R-squared

0.984

0.984

0.984

0.984