| (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 |