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