变量

(1)

(2)

(3)

Patent

Patent

Patent

Post

0.227^***

0.230^***

0.221^***

(3.668)

(3.919)

(2.630)

Po

0.866^***

(8.065)

Size

−0.011

−0.048^*

−0.103^**

(−0.359)

(−1.673)

(−2.325)

Age

−0.337^***

−0.334^***

−0.415^***

(−3.763)

(−4.038)

(−3.170)

Lev

−0.539^***

−0.363^***

−0.322^*

(−4.232)

(−3.075)

(−1.763)

Cash

0.135

0.028

0.047

(0.373)

(0.085)

(0.091)

Dual

−0.128^*

−0.126^*

−0.158

(−1.762)

(−1.898)

(−1.568)

Top10

−0.003^**

−0.003^**

−0.002

(−1.972)

(−1.998)

(−0.727)

Score

71.879^***

67.238^***

89.723^***

(13.780)

(14.330)

(12.220)

Mind

1.442^***

1.437^***

1.479^***

(28.602)

(31.148)

(21.208)

Big4

0.020

0.054

0.046

(0.252)

(0.724)

(0.408)

Staff

0.471^***

0.450^***

0.463^***

(15.888)

(16.516)

(11.082)

Constant

−0.673

0.041

1.214

(−1.196)

(0.080)

(1.477)

N

5551

6391

2721

Adj.R2

0.306

0.299

0.331

Firm FE

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

F

123.3

131.0

65.00