OLS

RE

FE

(1)

(2)

(3)

(4)

(5)

(6)

变量

ECO

ECO

ECO

ECO

ECO

ECO

GF

0.025^*

0.029^**

0.038^**

0.049^***

0.034^*

0.042^**

(1.86)

(2.08)

(2.32)

(3.02)

(1.90)

(2.51)

Constant

−0.078^**

−0.061^*

−0.323^***

−0.197^***

−0.372^***

−0.152^*

(−2.50)

(−1.87)

(−9.01)

(−2.95)

(−9.98)

(−1.77)

Control

YES

YES

YES

YES

YES

YES

Observations

390

390

390

390

390

390

R-squared

0.717

0.726

0.729

0.791

r2_a

0.713

0.713

0.702

0.762

F test

158.6^***

71.81^***

(0.00)

(0.00)

Company FE

YES

YES

YES

YES

Year FE

NO

YES

NO

YES

NO

YES

Hausman检验

13.02^**

18.51^***

(0.02)

(0.00)