(1)

(2)

(3)

(4)

Gap

Gap

Gap

AC

ED-B

0.082^***

0.075^***

0.549^***

(0.010)

(0.010)

(0.055)

AC

0.010^***

(0.002)

Size

0.271^***

0.251^***

0.254^***

−0.311^***

(0.013)

(0.013)

(0.013)

(0.080)

ListAge

0.607^***

0.563^***

0.563^***

0.378

(0.036)

(0.036)

(0.036)

(0.209)

SOE

−0.187^***

−0.159^***

−0.159^***

0.021

(0.030)

(0.030)

(0.029)

(0.172)

Top1

−0.668^***

−0.603^***

−0.569^***

−2.942^***

(0.097)

(0.096)

(0.096)

(0.560)

Lev

−0.139^*

−0.129

−0.097

−2.895^***

(0.069)

(0.069)

(0.069)

(0.385)

ROA

0.369^***

0.384^***

0.446^***

−6.089^***

(0.085)

(0.085)

(0.086)

(0.454)

_cons

5.947^***

6.199^***

6.083^***

11.126^***