(1)

(2)

(3)

(4)

ED

0.048^***

0.043^***

0.393^***

(0.008)

(0.008)

(0.042)

AC

0.011^***

(0.002)

Size

0.271^***

0.261^***

0.264^***

−0.252^**

(0.013)

(0.013)

(0.013)

(0.079)

List Age

0.607^***

0.589^***

0.586^***

0.560^**

(0.036)

(0.036)

(0.036)

(0.207)

SOE

−0.187^***

−0.171^***

−0.170^***

−0.040

(0.030)

(0.030)

(0.029)

(0.171)

Top1

−0.668^***

−0.620^***

−0.582^***

−2.990^***

(0.097)

(0.096)

(0.096)

(0.560)

Lev

−0.139^*

−0.128

−0.094

−2.884^***

(0.069)

(0.069)

(0.069)

(0.386)

ROA

0.369^***

0.378^***

0.445^***

−6.119^***

(0.085)

(0.085)

(0.086)

(0.455)

_cons

5.947^***

6.102^***

5.981^***

10.453^***

(0.278)

(0.277)

(0.277)

(1.642)

N

5990

5990

5990

5990