m1

m2

m3

Firmage

0.005

0.004

0.004

(0.003)

(0.003)

(0.003)

Staff

0.412^***

0.133

0.054

(0.089)

(0.094)

(0.095)

Duality

0.006^**

0.005^*

0.005^*

(0.002)

(0.003)

(0.003)

Boardnum

−0.002^***

−0.002^***

−0.002^***

(0.000)

(0.000)

(0.000)

Inboardr

0.019

0.017

0.016

(0.015)

(0.015)

(0.015)

Tmtnum

−0.084^**

−0.079^*

−0.083^*

(0.042)

(0.043)

(0.043)

Tenure

0.003

0.002

0.002

(0.003)

(0.003)

(0.003)

Boardnumcg

0.004^***

0.004^***

0.004^***

(0.001)

(0.001)

(0.001)

Hhi

0.007^***

0.007^***

0.007^***

(0.001)

(0.001)

(0.001)

Assetlr

−0.077^***

−0.076^***

−0.076^***

(0.001)

(0.001)

(0.001)

Private

−0.012

−0.013

−0.013

(0.009)

(0.009)

(0.009)

Salary

0.109^***

0.188^***

(0.011)

(0.017)

Salary²

−0.071^***

(0.011)

_cons

0.007

0.025

0.028

(0.018)

(0.019)

(0.019)

F

259.174

244.545

238.269

R²

0.196

0.196

0.197

N

30839

30223

30223