| (1) | (2) | (3) | (4) | ||||
| ROE | ROE | ROE | ROE | ||||
EID_Whether | 0.0121*** | 0.0105*** |
|
| ||||
| (4.7465) | (4.4625) |
|
| ||||
EID_Quality |
|
| 0.0313*** | 0.0239** | ||||
|
|
| (2.7285) | (2.3043) | ||||
Growth |
| 0.0507*** |
| 0.0503*** | ||||
|
| (13.8644) |
| (13.7447) | ||||
Lev |
| −0.0770*** |
| −0.0760*** | ||||
|
| (−10.1322) |
| (−9.9832) | ||||
Cashflow |
| 0.5455*** |
| 0.5524*** | ||||
|
| (25.2215) |
| (25.5802) | ||||
Dual |
| −0.0021 |
| −0.0025 | ||||
|
| (−0.6180) |
| (−0.7382) | ||||
Indep |
| −0.0222 |
| −0.0181 | ||||
|
| (−0.8249) |
| (−0.6675) | ||||
Top1 |
| 0.0402*** |
| 0.0416*** | ||||
|
| (4.1051) |
| (4.2409) | ||||
SOE |
| −0.0128*** |
| −0.0109*** | ||||
|
| (−3.9543) |
| (−3.4204) | ||||
_cons | 0.0897*** | 0.0886*** | 0.0907*** | 0.0875*** | ||||
| (16.0501) | (7.5909) | (14.3918) | (7.2197) | ||||
年份效应 | YES | YES | YES | YES | ||||
行业效应 | YES | YES | YES | YES | ||||
N | 4200 | 4200 | 4200 | 4200 | ||||
r2_a | 0.0650 | 0.2691 | 0.0616 | 0.2665 | ||||