(1)

(2)

(3)

(4)

Psos

Psos

Pstl

Pstl

Anattention = 0

Anattention = 1

Anattention = 0

Anattention = 1

Investor

0.056*

0.085

0.070**

0.059*

(1.76)

(1.41)

(2.23)

(1.86)

Size

0.002

−0.018

0.014

−0.017*

(0.13)

(−0.95)

(0.75)

(−1.74)

Institution

0.003

−0.009

0.003

−0.007**

(0.97)

(−1.46)

(0.89)

(−2.46)

Lev

−0.187*

0.183

−0.244**

0.139

(−1.75)

(0.95)

(−2.27)

(1.44)

ROA

0.117

0.692

0.190

0.477*

(0.26)

(1.09)

(0.43)

(1.71)

TOP1

−0.001

−0.002

−0.002

−0.003***

(−0.74)

(−1.27)

(−1.06)

(−2.78)

SOE

0.020

−0.017

0.046

−0.005

(0.39)

(−0.29)

(0.98)

(−0.14)

Big4

−0.043

0.081

−0.076

0.058

(−0.95)

(1.05)

(−1.64)

(1.58)

Indep

−0.098

−0.639

−0.578

−0.758**

(−0.24)

(−1.05)

(−1.10)

(−2.61)

BoardNum

0.005

−0.007

0.000

−0.002

(0.32)

(−0.33)

(0.03)

(−0.28)

Dual

0.035

0.126

0.069

0.048

(0.66)

(0.82)

(1.30)

(0.67)

Constant

−0.096

0.778

−0.084

0.708**

(−0.21)

(1.11)

(−0.18)

(2.33)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

98

48

98

48

Adj R2

−0.212

0.476

−0.174

0.849