替换因变量

扩大样本量

(1)

(2)

(3)

(4)

(5)

(6)

InRa

0.205^***

(3.02)

0.024

(0.21)

−0.019

(−0.21)

0.110^**

(2.23)

−0.027

(−0.46)

0.099^**

(2.00)

Hefin

0.049

(1.17)

0.051^**

(2.40)

InRa*Herfin

1.028^***

(2.58)

0.622^***

(3.86)

Analyst

0.018^***

(3.98)

−0.000

(−0.08)

InRa*Analyst

−0.163^*

(−1.70)

−0.086^**

(−2.00)

Ten

0.021^***

(2.82)

0.014^*

(1.86)

0.018^**

(2.46)

−0.008^*

(−1.86)

−0.008^*

(−1.93)

−0.008^*

(−1.84)

Growth

0.001

(1.48)

0.000

(0.51)

0.035^***

(7.80)

0.048^***

(17.94)

0.045^***

(16.16)

0.048^***

(18.01)

Lev

0.034

(1.28)

0.051^*

(1.92)

0.024

(0.90)

0.019

(1.36)

0.020

(1.46)

0.018

(1.30)

Roa

0.323^***

(4.82)

0.388^***

(5.67)

0.288^***

(3.38)

0.175^***

(3.34)

0.169^***

(3.24)

0.173^***

(3.11)

Size

−0.019^***

(−4.63)

−0.023^***

(−5.44)

−0.024^***

(−5.37)

−0.004^*

(−1.77)

−0.004^*

(−1.86)

−0.004

(−1.61)

Loss

0.023

(1.24)

0.044^**

(2.38)

0.030

(1.61)

0.028^***

(2.94)

0.028^***

(2.98)

0.028^***

(2.90)

Instit

0.077^***

(4.26)

0.074^***

(3.58)

0.071^***

(3.98)

0.010

(1.07)

−0.000

(−0.05)

0.010

(1.04)

_cons

0.500^***

(5.28)

0.581^***

(6.01)

0.565^***

(5.78)

0.120^**

(2.42)

0.126^**

(2.55)

0.118^**

(2.31)

Ind/Year

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N

1602

1602

1602

1920

1920

1920

R2_a

0.100

0.102

0.145

0.255

0.263

0.255

F

7.103

5.619

9.783

22.850

22.449

21.570