|
| (1) | (2) | (3) | (4) |
| Ferror | Ferror | Ferror | Ferror | |
| L.TopHold | −0.797** |
|
|
|
|
| (−2.200) |
|
|
|
| TopHold |
| −0.810*** | −0.810*** | −0.994** |
|
|
| (−2.760) | (−2.894) | (−2.257) |
| 控制变量 | 控制 | 控制 | 控制 | 控制 |
| _cons | 16.429*** | 15.455*** | 15.455*** | 15.794*** |
|
| (12.907) | (14.530) | (15.028) | (10.291) |
| Ind/Year | Yes | Yes | Yes | Yes |
| Clustering Method | Firm | Industry-Year | Province-Year | Firm |
| N | 13446 | 16911 | 16911 | 8450 |
| R2 | 0.070 | 0.067 | 0.067 | 0.067 |