变量

(1)

(2)

(3)

(4)

OC = 1

OC = 0

IC = 1

IC = 0

C-Score

0.191^**

0.102

0.082

0.284^***

(2.36)

(1.49)

(1.35)

(2.85)

Size

−0.006

−0.012^***

−0.007^*

−0.012

(−1.04)

(−2.58)

(−1.65)

(−1.59)

Grow

0.002

0.000

0.001

0.001

(0.94)

(0.44)

(1.32)

(0.43)

Age

0.002^*

0.002^**

0.001^**

0.002^**

(1.87)

(2.50)

(2.40)

(2.36)

MTB

0.004^***

0.001

0.002^*

0.004^**

(3.81)

(1.01)

(1.86)

(2.22)

Soe

0.009

0.020^**

0.026^***

0.001

(0.65)

(2.09)

(2.87)

(0.05)

Top

0.001

0.001

0.002^**

0.000

(0.90)

(1.30)

(2.51)

(0.18)

Scale

0.002

0.003^**

−0.000

0.006^***

(0.96)

(2.14)

(−0.12)

(2.59)

Ratio

0.034

−0.084^*

−0.062

0.020

(0.61)

(−1.73)

(−1.54)

(0.26)

Dual

0.001

−0.005

−0.003

−0.002

(0.16)

(−0.60)

(−0.47)

(−0.16)

ROA

−0.031

0.209^***

0.145^**

−0.037

(−0.41)

(2.89)

(2.15)

(−0.40)

Pt

−0.028^***

−0.025^***

−0.015^**

−0.045^***

(−3.10)

(−3.44)

(−2.34)

(−3.83)

Year

控制

控制

控制

控制

Ind

控制

控制

控制

控制

N

1249

1459

1873

835

R²

0.108

0.120

0.093

0.169