m1

m2

m3

Firmage

−0.007

−0.015

−0.016

(0.015)

(0.015)

(0.015)

Staff

12.199^***

9.175^***

8.424^***

(0.428)

(0.445)

(0.448)

Duality

0.043^***

0.030^**

0.029^**

(0.012)

(0.012)

(0.012)

Boardnum

−0.020^***

−0.021^***

−0.020^***

(0.002)

(0.002)

(0.002)

Inboardr

0.304^***

0.307^***

0.296^***

(0.071)

(0.071)

(0.071)

Tmtnum

−0.488^**

−0.399^**

−0.431^**

(0.202)

(0.202)

(0.201)

Tenure

−0.020

−0.032^**

−0.038^***

(0.013)

(0.013)

(0.013)

Boardnumcg

0.035^***

0.033^***

0.032^***

(0.003)

(0.003)

(0.003)

Hhi

0.061^***

0.064^***

0.066^***

(0.004)

(0.004)

(0.004)

Assetlr

−0.075^***

−0.075^***

−0.075^***

(0.004)

(0.004)

(0.004)

Private

−0.015

−0.041

−0.042

(0.045)

(0.045)

(0.044)

Salary

1.372^***

2.125^***

(0.052)

(0.079)

Salary²

−0.670^***

(0.052)

_cons

−0.813^***

−0.612^***

−0.589^***

(0.088)

(0.088)

(0.088)

F

71.937

92.674

95.468

R²

0.063

0.084

0.089

N

3.1e+04

3.0e+04

3.0e+04