| 变量 | NCSKEWt+1 | DUVOLt+1 | ||||||
| 高中心度组 | 低中心度组 | 高中心度组 | 低中心度组 | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| degree | −53.287** |
| −69.895 |
| −33.387* |
| −42.206 |
|
|
| (−1.97) |
| (−1.45) |
| (−1.85) |
| (−1.32) |
|
| closeness |
| −0.500 |
| −0.100 |
| −0.517* |
| −0.081 |
|
|
| (−1.06) |
| (−0.67) |
| (−1.66) |
| (−0.81) |
| ret | 11.249*** | 10.804*** | 10.671*** | 11.126*** | 7.514*** | 6.148*** | 5.850*** | 7.411*** |
|
| (11.27) | (12.89) | (11.71) | (9.95) | (11.28) | (11.11) | (9.70) | (9.83) |
| sigma | −1.408*** | −1.437*** | −2.167*** | −2.731*** | −0.899*** | −0.764*** | −1.212*** | −1.777*** |
|
| (−3.57) | (−4.56) | (−6.33) | (−6.11) | (−3.41) | (−3.67) | (−5.35) | (−5.89) |
| size | −0.025*** | −0.020*** | −0.011 | −0.007 | −0.017*** | −0.015*** | −0.009* | −0.006 |
|
| (−3.50) | (−3.41) | (−1.59) | (−0.88) | (−3.60) | (−3.73) | (−1.92) | (−0.98) |
| lev | −0.120*** | −0.076** | −0.099*** | −0.177*** | −0.107*** | −0.074*** | −0.073*** | −0.123*** |
|
| (−3.57) | (−2.55) | (−2.91) | (−4.49) | (−4.75) | (−3.73) | (−3.24) | (−4.63) |
| board | 0.002 | −0.002 | −0.031 | −0.044 | −0.006 | −0.012 | −0.023 | −0.025 |
|
| (0.06) | (−0.06) | (−0.81) | (−1.02) | (−0.26) | (−0.52) | (−0.92) | (−0.86) |
| indep | −0.093 | −0.015 | 0.027 | −0.033 | −0.090 | −0.053 | −0.007 | −0.021 |
|
| (−0.70) | (−0.13) | (0.20) | (−0.20) | (−1.01) | (−0.68) | (−0.08) | (−0.19) |
| dual | 0.035** | 0.037*** | 0.031** | 0.026 | 0.022** | 0.030*** | 0.026*** | 0.015 |
|
| (2.38) | (3.08) | (2.26) | (1.46) | (2.27) | (3.78) | (2.92) | (1.23) |
| top1 | 0.044 | 0.086** | 0.102** | 0.043 | 0.013 | 0.048* | 0.061** | 0.014 |
|
| (1.02) | (2.30) | (2.37) | (0.83) | (0.44) | (1.93) | (2.13) | (0.39) |
| bm | 0.019** | 0.013** | 0.006 | 0.007 | 0.014*** | 0.010** | 0.005 | 0.008 |
|
| (2.52) | (2.16) | (0.87) | (0.67) | (2.85) | (2.43) | (0.96) | (1.06) |
| big4 | 0.009 | 0.011 | −0.020 | −0.059 | 0.014 | 0.011 | −0.010 | −0.029 |
|
| (0.31) | (0.45) | (−0.67) | (−1.55) | (0.71) | (0.67) | (−0.49) | (−1.12) |
| Constant | 0.472*** | 0.121 | 0.243 | 0.271 | 0.395*** | 0.315** | 0.231** | 0.203 |
|
| (2.63) | (0.53) | (1.38) | (1.30) | (3.30) | (2.08) | (1.98) | (1.45) |
| Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj−R2 | 0.047 | 0.039 | 0.049 | 0.062 | 0.052 | 0.044 | 0.053 | 0.065 |
| N | 12,880 | 18,348 | 14,211 | 8,743 | 12,880 | 18,348 | 14,211 | 8,743 |