| VARIABLES | (1) | (2) | (3) |
| TQ | TQ | TQ | |
| RA | 2.089*** |
| 14.420 |
|
| (3.94) |
| (1.44) |
| RA*SIZE |
|
| −0.573* |
|
|
|
| (−1.70) |
| SIZE |
| −1.565*** | −1.218*** |
|
|
| (−11.55) | (−4.28) |
| STOCK | 0.206 | −0.372 | −0.515 |
|
| (0.28) | (−0.48) | (−0.67) |
| ROA | 3.063*** | 4.366*** | 4.108*** |
|
| (4.43) | (7.00) | (6.50) |
| Debt | −1.900*** | −0.768* | −0.501 |
|
| (−4.13) | (−1.89) | (−1.11) |
| ID | 1.848** | 0.841 | 0.898 |
|
| (2.41) | (1.20) | (1.29) |
| Constant | 2.831*** | 38.504*** | 29.755*** |
|
| (4.66) | (12.74) | (4.55) |
| year | 控制 | 控制 | 控制 |
| Observations | 5,407 | 5,407 | 5,407 |
| R-squared | 0.501 | 0.542 | 0.550 |