(1)

(2)

(3)

全样本

Founder = 1

Founder = 0

常数项

−0.021

−0.491

1.126

(−0.000)

(−0.859)

(1.311)

Succession

0.611^***

0.801^***

0.288^**

(7.040)

(6.524)

(2.025)

Succession * Founder

0.553^***

(3.164)

Founder

−0.075

(−0.957)

Size

−0.051

−0.011

−0.130^*

(−1.263)

(−0.192)

(−1.915)

Eage

0.001

0.016

−0.009

(0.122)

(1.294)

(−0.701)

Shares

−0.176

−0.142

−0.374

(−0.673)

(−0.421)

(−0.793)

Roa

0.201

−0.792

−0.010

(0.227)

(−0.681)

(−0.007)

Bs

0.071^**

0.034

0.093^**

(2.514)

(0.786)

(2.137)

Gender

0.071

0.188

0.031

(0.803)

(1.455)

(0.211)

Age

0.005

0.009

−0.002

(0.892)

(1.155)

(−0.169)

Degree

−0.115^**

−0.056

−0.170^*

(−2.405)

(−0.928)

(−1.938)

Year/Ind

控制

控制

控制

Adj-R²

0.265

0.331

0.168

F

4.171

3.553

1.913

N

186

99

87

Succession系数差异

0.513^**

X²

5.810

p

0.016