| (1) | (2) |
RD | RD | |
SUBR | 0.4620*** | 0.4500*** |
| (23.41) | (23.52) |
Size |
| 0.0026*** |
|
| (4.22) |
Lev |
| −0.0352*** |
|
| (−9.83) |
ROA |
| −0.0987*** |
|
| (−11.07) |
board |
| 0.0008 |
|
| (0.24) |
indep |
| 0.0460*** |
|
| (4.32) |
bm |
| −0.0055*** |
|
| (−7.41) |
listage |
| −0.0091*** |
|
| (−8.54) |
growth |
| −0.0034* |
|
| (−2.31) |
cons | 0.0002 | −0.0374* |
| (0.05) | (−2.55) |
N | 6510 | 6510 |
R2 | 0.2690 | 0.3177 |
年份固定效应 | YES | YES |
行业固定效应 | YES | YES |