(1)

(2)

(3)

(4)

CapD

CapA

CapD

CapA

Academic

0.268^***

0.288^***

(7.764)

(6.910)

AcadmcRT

0.971^***

1.006^***

(8.472)

(7.362)

Academic × CFO

1.534^***

1.853^***

(3.665)

(3.662)

AcadmcRT × CFO

4.662^***

6.208^***

(3.313)

(3.767)

CFO

−2.214^***

−2.070^***

−2.058^***

−1.944^***

(−7.948)

(−5.946)

(−7.855)

(−5.990)

SIZE

0.440^***

0.456^***

0.445^***

0.461^***

(29.756)

(25.646)

(30.065)

(25.917)

LEV

0.338^***

0.459^***

0.341^***

0.461^***

(3.815)

(4.238)

(3.838)

(4.251)

RDI

11.017^***

10.284^***

10.978^***

10.229^***

(29.711)

(27.720)

(29.583)

(27.544)

BIG4

−0.051

−0.364^***

−0.048

−0.359^***

(−0.830)

(−4.816)

(−0.773)

(−4.758)

ROE

−0.620^***

−0.697^***

−0.612^***

−0.690^***

(−5.473)

(−5.451)

(−5.404)

(−5.401)

SOE

0.366^***

0.226^***

0.356^***

0.215^***

(10.868)

(5.335)

(10.583)

(5.080)

BOARD

0.053

0.108

0.060

0.116

(0.901)

(1.495)

(1.030)

(1.602)

AGE

0.019^***

0.015^***

0.019^***

0.014^***

(6.999)

(4.372)

(6.848)

(4.173)

GROWTH

0.120^***

0.106^**

0.119^***

0.106^**

(2.980)

(2.218)

(2.942)

(2.199)

_cons

−10.823^***

−13.556^***

−10.926^***

−13.654^***

(−29.989)

(−27.012)

(−30.211)

(−27.150)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

31,320

31,320

31,320

31,320

r2_p

0.116

0.121

0.117

0.121