(1)

(2)

(3)

全样本

管理层无持股

管理层持股

Risk

0.079^***

0.106

0.090^***

(2.667)

(1.361)

(2.838)

Size

0.802^***

0.764^***

0.819^***

(40.854)

(15.024)

(38.642)

Lev

0.067

0.341

0.016

(0.622)

(1.353)

(0.139)

Roa

2.839^***

2.830^***

2.612^***

(7.928)

(3.102)

(6.747)

Growth

0.084^*

0.027

0.087

(1.685)

(0.219)

(1.624)

TobinQ

0.058^***

0.052

0.062^***

(4.428)

(1.560)

(4.467)

Top1

−0.002

0.005^*

−0.002^*

(−1.464)

(1.893)

(−1.701)

Dual

0.101^***

−0.083

0.114^***

(3.069)

(−0.837)

(3.337)

Inde

0.006^*

0.004

0.006^**

(1.903)

(0.489)

(1.965)

Constant

−0.987^**

−0.948

−1.144^**

(−2.280)

(−0.879)

(−2.416)

Year & Inds

控制

控制

控制

N

3190

659

2531

R-squared

0.537

0.490

0.562

r²_a

0.533

0.471

0.558