(1)

(2)

(3)

全样本

Fp = 1

Fp = 0

常数项

−0.081

−0.796

0.728

(−0.175)

(−1.278)

(0.959)

Succession

0.587^***

0.859^***

0.306^**

(6.776)

(7.685)

(2.170)

Succession * Fp

0.519^***

(3.103)

Fp

0.074

(0.992)

Size

−0.055

−0.049

−0.069

(−1.369)

(−0.929)

(−1.078)

Eage

0.002

0.007

−0.002

(0.208)

(0.539)

(−0.165)

Shares

−0.065

0.148

−0.459

(−0.252)

(0.446)

(−1.094)

Roa

−0.381

0.047

−1.183

(−0.445)

(0.046)

(−0.791)

Bs

0.066^**

0.081^*

0.061

(2.302)

(1.827)

(1.507)

Gender

0.101

0.125

0.120

(1.140)

(1.056)

(0.772)

Age

0.005

0.007

0.001

(0.871)

(0.989)

(0.093)

Degree

−0.085^*

−0.019

−0.120

(−1.796)

(−0.294)

(−1.551)

Year/Ind

控制

控制

控制

Adj-R²

0.264

0.476

0.001

F

4.163

5.638

1.005

N

186

93

93

Succession系数差异

0.535^***

X²

9.540

p

0.002