(1)

(2)

(3)

(4)

Psos

Psos

Pstl

Pstl

Investor

0.053***

0.051**

0.051**

0.052**

(2.83)

(2.40)

(2.55)

(2.57)

Size

0.004

0.004

(0.27)

(0.32)

Institution

0.000

−0.000

(0.07)

(−0.01)

Lev

−0.057

−0.067

(−0.75)

(−0.89)

ROA

0.133

0.135

(0.55)

(0.55)

TOP1

−0.000

−0.001

(−0.26)

(−0.74)

SOE

0.027

0.047*

(1.10)

(1.94)

Big4

−0.003

−0.007

(−0.11)

(−0.23)

Indep

−0.189

−0.539

(−0.74)

(−1.63)

BoardNum

−0.004

−0.009

(−0.50)

(−1.13)

Dual

0.014

0.022

(0.42)

(0.72)

Anaattention

0.003

0.008

(0.23)

(0.66)

Constant

−0.071

−0.048

−0.072

0.113

(−1.56)

(−0.15)

(−1.30)

(0.35)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

148

146

148

146

Adj R2

0.079

0.040

0.027

0.038