(1)

(2)

管理层无持股

管理层持股

Risk

0.183

0.141^**

(1.491)

(2.180)

Size

−0.270^***

−0.031

(−3.349)

(−0.724)

Lev

0.777^*

0.221

(1.944)

(0.911)

Roa

4.864^***

4.342^***

(3.367)

(5.500)

Growth

0.084

0.072

(0.433)

(0.658)

TobinQ

0.061

0.270^***

(1.144)

(9.517)

Top1

0.012^***

−0.007^***

(2.704)

(−2.885)

Dual

0.063

0.299^***

(0.397)

(4.289)

Inde

−0.006

0.020^***

(−0.446)

(3.288)

Constant

5.793^***

1.199

(3.394)

(1.242)

Year &Inds

控制

控制

N

659

2531

R-squared

0.220

0.268

r²_a

0.190

0.260