变量

NCSKEWt+1

DUVOLt+1

大股东持股比例高

大股东持股比例低

大股东持股比例高

大股东持股比例低

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

degree

−39.290*

−26.036

−30.581**

−21.855

(−1.76)

(−1.10)

(−2.06)

(−1.39)

closeness

−0.411***

−0.080

−0.252***

−0.098

(−2.85)

(−0.54)

(−2.62)

(−1.01)

ret

9.968***

9.981***

12.010***

11.989***

6.282***

6.290***

6.934***

6.914***

(10.73)

(10.75)

(12.34)

(12.32)

(10.14)

(10.16)

(10.76)

(10.72)

sigma

−1.975***

−1.975***

−1.756***

−1.739***

−1.126***

−1.122***

−1.067***

−1.054***

(−5.52)

(−5.52)

(−4.73)

(−4.69)

(−4.72)

(−4.70)

(−4.33)

(−4.29)

size

−0.017**

−0.017**

−0.014**

−0.014**

−0.012***

−0.012***

−0.010**

−0.010**

(−2.53)

(−2.48)

(−2.01)

(−2.04)

(−2.61)

(−2.58)

(−2.23)

(−2.26)

lev

−0.140***

−0.141***

−0.075**

−0.076**

−0.120***

−0.121***

−0.059***

−0.060***

(−3.85)

(−3.87)

(−2.35)

(−2.38)

(−4.96)

(−4.99)

(−2.80)

(−2.83)

board

−0.100***

−0.101***

0.060

0.059

−0.065***

−0.065***

0.027

0.026

(−2.72)

(−2.73)

(1.57)

(1.54)

(−2.63)

(−2.63)

(1.06)

(1.03)

indep

−0.074

−0.076

−0.015

−0.016

−0.040

−0.041

−0.081

−0.082

(−0.58)

(−0.59)

(−0.10)

(−0.11)

(−0.47)

(−0.48)

(−0.87)

(−0.88)

dual

0.042***

0.042***

0.023

0.024*

0.033***

0.033***

0.016*

0.017*

(2.99)

(2.98)

(1.63)

(1.68)

(3.50)

(3.52)

(1.70)

(1.75)

bm

0.013*

0.012*

0.010

0.010

0.010**

0.010**

0.007

0.007

(1.84)

(1.77)

(1.32)

(1.33)

(2.22)

(2.13)

(1.41)

(1.42)

big4

−0.000

0.000

−0.019

−0.019

0.001

0.001

−0.001

−0.001

(−0.01)

(0.01)

(−0.54)

(−0.54)

(0.04)

(0.04)

(−0.04)

(−0.04)

Constant

0.652***

0.646***

0.009

0.001

0.466***

0.459***

0.122

0.118

(3.79)

(3.76)

(0.05)

(0.01)

(4.06)

(4.01)

(1.00)

(0.97)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Adj-R2

0.051

0.051

0.045

0.045

0.058

0.058

0.047

0.047

N

13,732

13,732

13,359

13,359

13,732

13,732

13,359

13,359