解释变量

模型(7)

模型(8)

模型(9)

模型(10)

模型(11)

模型(12)

BDS

−0.0005

(0.002)

0.002

(0.003)

0.004

(0.003)

0.004

(0.003)

0.003

(0.003)

0.003

(0.003)

Bshare

−0.007

(0.004)

0.004

(0.008)

0.003

(0.009)

0.003

(0.009)

0.003

(0.010)

0.003

(0.010)

Sex

0.143***

(0.016)

0.101***

(0.014)

0.101***

(0.010)

0.093***

(0.009)

0.112***

(0.014)

0.105***

(0.015)

Lev

0.079*

(0.034)

0.085**

(0.025)

0.078**

(0.026)

0.078**

(0.026)

0.078**

(0.023)

0.081**

(0.023)

Growth

0.070*

(0.027)

0.101**

(0.034)

0.099**

(0.034)

0.067**

(0.101)

0.100**

(0.035)

0.101**

(0.035)

Dual

0.023**

(0.006)

0.008

(0.015)

0.004

(0.014)

0.004

(0.014)

0.009

(0.014)

0.010

(0.014)

Roa

−0.167

(0.088)

−0.334

(0.165)

−0.386

(0.164)

−0.399*

(0.160)

−0.314

(0.173)

−0.313*

(0.173)

CEOopen

0.001**

(0.0004)

0.002**

(0.001)

−0.018*

(0.007)

0.002*

(0.001)

0.012***

(0.002)

Scale

−0.001**

(0.001)

−0.001**

(0.001)

Tenure

0.006

(0.003)

0.005

(0.003)

CEOopen × Scale

0.001**

(0.0005)

CEOopen × Tenure

−0.002***

(0.0004)

Year

Control

Control

Control

Control

Control

Control

Within-R2

0.253

0.237

0.238

0.239

0.239

0.240