变量 | 东部 | 中西部 | ||||
(1) | (2) | (3) | (4) | (5) | (6) | |
GI | KZ | GI | GI | KZ | GI | |
index | 0.277** | −0.618*** | 0.254** | 0.865** | −1.061** | 0.781** |
| (2.22) | (−4.19) | (2.03) | (2.43) | (−2.57) | (2.19) |
KZ |
|
| −0.038** |
|
| −0.080** |
|
|
| (−2.22) |
|
| (−2.44) |
age | 0.058*** | 0.036** | 0.059*** | −0.006 | −0.011 | −0.007 |
| (4.33) | (2.29) | (4.44) | (−0.22) | (−0.35) | (−0.26) |
lev | 1.195*** | 7.086*** | 1.465*** | 0.850** | 6.488*** | 1.366*** |
| (5.84) | (29.22) | (6.15) | (2.08) | (13.67) | (2.97) |
seperation | 0.028*** | −0.003 | 0.028*** | 0.015 | −0.005 | 0.015 |
| (5.49) | (−0.42) | (5.47) | (1.50) | (−0.39) | (1.47) |
ROA | 0.395 | −8.416*** | 0.074 | 0.481 | −5.207*** | 0.066 |
| (1.02) | (−18.34) | (0.18) | (0.77) | (−7.19) | (0.10) |
board | 0.192 | −0.393** | 0.177 | −1.510*** | −0.608* | −1.559*** |
| (1.16) | (−2.01) | (1.07) | (−4.89) | (−1.69) | (−5.05) |
larges | −0.002 | −0.013*** | −0.003 | −0.010* | −0.014** | −0.011** |
| (−0.86) | (−4.09) | (−1.04) | (−1.87) | (−2.37) | (−2.09) |
fin | −0.920** | 2.066*** | −0.841* | −1.103* | −1.143 | −1.194* |
| (−1.99) | (3.77) | (−1.81) | (−1.79) | (−1.59) | (−1.94) |
TobinQ | 0.002 | 0.128*** | 0.007 | −0.019 | 0.190*** | −0.004 |
| (0.12) | (7.43) | (0.45) | (−0.71) | (6.23) | (−0.14) |
year | −0.122*** | 0.120** | −0.117*** | −0.253** | 0.334*** | −0.226** |
| (−2.90) | (2.40) | (−2.79) | (−2.28) | (2.59) | (−2.04) |
Constant | 244.345*** | −240.539** | 235.189*** | 511.261** | 672.187*** | 457.766** |
| (2.89) | (−2.40) | (2.78) | (2.29) | (−2.60) | (2.05) |
Observations | 2,433 | 2,433 | 2,433 | 703 | 703 | 703 |
R-squared | 0.038 | 0.437 | 0.040 | 0.056 | 0.385 | 0.064 |