变量

NCSKEW

DUVOL

(1)

(2)

(3)

(4)

(5)

(6)

degree

−32.679^**

−26.332^***

(−2.22)

(−2.68)

closeness

−0.171^*

−0.126^**

(−1.87)

(−2.07)

betweeness

6.015

5.975

(0.97)

(1.44)

ret

−9.940^***

−9.951^***

−9.951^***

−9.400^***

−9.409^***

−9.409^***

(−17.01)

(−17.03)

(−17.03)

(−24.02)

(−24.05)

(−24.04)

sigma

−7.316^***

−7.304^***

−7.295^***

−3.715^***

−3.704^***

−3.697^***

(−32.92)

(−32.89)

(−32.85)

(−24.96)

(−24.91)

(−24.86)

size

−0.021^***

−0.021^***

−0.022^***

−0.016^***

−0.016^***

−0.016^***

(−5.03)

(−5.05)

(−5.11)

(−5.68)

(−5.71)

(−5.78)

lev

−0.154^***

−0.155^***

−0.155^***

−0.115^***

−0.116^***

−0.116^***

(−7.27)

(−7.33)

(−7.35)

(−8.13)

(−8.20)

(−8.23)

board

−0.041^*

−0.042^*

−0.042^*

−0.025

−0.025

−0.025

(−1.75)

(−1.77)

(−1.76)

(−1.58)

(−1.60)

(−1.59)

indep

0.021

0.020

0.020

0.026

0.025

0.025

(0.25)

(0.24)

(0.24)

(0.46)

(0.44)

(0.44)

dual

0.035^***

0.036^***

0.036^***

0.025^***

0.025^***

0.025^***

(4.03)

(4.10)

(4.14)

(4.18)

(4.27)

(4.31)

top1

0.070^***

0.070^***

0.070^***

0.036^**

0.036^**

0.036^**

(2.59)

(2.60)

(2.60)

(2.02)

(2.02)

(2.03)

bm

0.010^**

0.009^**

0.009^**

0.009^***

0.008^***

0.008^***

(2.14)

(2.10)

(2.10)

(2.88)

(2.83)

(2.84)

big4

−0.006

−0.006

−0.007

0.004

0.004

0.003

(−0.34)

(−0.36)

(−0.37)

(0.32)

(0.29)

(0.28)

Constant

1.328^***

1.319^***

1.309^***

0.856^***

0.848^***

0.841^***

(12.08)

(12.02)

(11.94)

(11.63)

(11.54)

(11.46)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Adj−R²

0.111

0.111

0.111

0.111

0.111

0.111

N

32,173

32,173

32,173

32,173

32,173

32,173