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 |