| VARIABLES | DA (4) | DA (5) |
| Constant | −0.507 | −0.388 |
| (0.349) | (0.474) | |
| Pay | 0.019* |
|
| (0.058) |
| |
| Stock |
| 0.023** |
|
| (0.021) | |
| Size | 0.012 | 0.018 |
| (0.653) | (0.492) | |
| Lev | 0.114** | 0.114** |
| (0.040) | (0.040) | |
| Roa | −0.053 | −0.049 |
| (0.811) | (0.826) | |
| Mb | −0.001 | −0.001 |
| (0.414) | (0.448) | |
| State | −0.009 | −0.009 |
| (0.605) | (0.591) | |
| Big4 | −0.030 | −0.020 |
| (0.351) | (0.545) | |
| Manshare | 0.001* | 0.001** |
| (0.055) | (0.086) | |
| Year | 控制 | 控制 |
| Industry | 控制 | 控制 |
| Observations | 4713 | 4713 |
| adj. R-sq | 0.080 | 0.110 |