解释变量

模型(1)

模型(2)

模型(3)

模型(4)

模型(5)

模型(6)

BDS

−0.0003

(0.002)

0.002

(0.002)

0.002

(0.002)

0.003

(0.002)

0.002

(0.002)

0.002

(0.002)

Bshare

−0.005

(0.002)

0.003

(0.006)

0.002

(0.006)

0.002

(0.006)

0.002

(0.007)

0.002

(0.007)

Sex

0.096^***

(0.011)

0.067^***

(0.009)

0.067^***

(0.007)

0.062^***

(0.006)

0.074^***

(0.010)

0.070^***

(0.010)

Lev

0.053^*

(0.022)

0.057^**

(0.017)

0.052^**

(0.018)

0.052^**

(0.018)

0.052^**

(0.015)

0.054^**

(0.016)

Growth

0.047^*

(0.018)

0.067^**

(0.023)

0.066^**

(0.023)

0.067^**

(0.023)

0.067^**

(0.023)

0.067^**

(0.023)

Dual

0.015^**

(0.004)

0.005

(0.010)

0.003

(0.009)

0.003

(0.009)

0.006

(0.009)

0.007

(0.009)

Roa

−0.111

(0.059)

−0.223

(0.110)

−0.257

(0.109)

−0.266^*

(0.107)

−0.210

(0.115)

−0.209^*

(0.115)

CEOopen

0.0008^**

(0.0003)

0.001^**

(0.0004)

−0.012^*

(0.005)

0.001^*

(0.001)

0.008^***

(0.001)

Scale

−0.001^**

(0.0003)

−0.001^**

(0.0004)

Tenure

0.004

(0.002)

0.003

(0.002)

CEOopen × Scale

0.001^**

(0.0003)

CEOopen × Tenure

−0.002^***

(0.0002)

Year

Control

Control

Control

Control

Control

Control

Within-R²

0.253

0.237

0.238

0.239

0.239

0.240