(1)

(2)

(3)

(4)

(5)

(6)

Jdacc

Dacc

Acof

Adisexp

Aprod

Rems

常数项

0.011

−0.275^***

0.111^*

−0.046

0.217^**

0.152

(0.225)

(−4.326)

(1.902)

(−0.865)

(2.487)

(1.058)

Initial

−0.001

−0.003

0.006^**

0.004^*

−0.011^**

−0.021^***

(−0.606)

(−1.090)

(2.160)

(1.696)

(−2.466)

(−2.995)

Size

0.001

0.012^***

−0.004^*

−0.003

−0.005

0.002

(0.401)

(5.676)

(−1.932)

(−1.462)

(−1.574)

(0.364)

Lev

0.015^*

−0.042^***

0.020^*

−0.041^***

0.100^***

0.121^***

(1.687)

(−3.554)

(1.844)

(−4.115)

(6.135)

(4.491)

Roa

−0.224^***

0.357^***

0.090^***

0.033^*

−0.251^***

−0.374^***

(−13.300)

(16.173)

(4.465)

(1.802)

(−8.288)

(−7.500)

Growth

0.020^***

−0.001

−0.003

0.005

−0.011^*

−0.012

(6.779)

(−0.251)

(−0.910)

(1.423)

(−1.960)

(−1.345)

Age

−0.002^***

−0.002^***

0.001^*

0.002^***

−0.001

−0.004^***

(−3.458)

(−2.786)

(1.730)

(3.322)

(−1.234)

(−2.670)

Bs

0.010

0.021^*

−0.014

0.031^***

−0.047^***

−0.063^**

(1.043)

(1.652)

(−1.231)

(2.882)

(−2.655)

(−2.173)

Idir

−0.027

−0.009

−0.000

0.026

−0.077

−0.102

(−0.857)

(−0.223)

(−0.005)

(0.756)

(−1.368)

(−1.107)

Dual

0.005^**

0.010^***

−0.002

0.000

0.005

0.007

(1.966)

(2.744)

(−0.745)

(0.003)

(0.960)

(0.883)

Invrec

0.038^***

0.135^***

−0.144^***

0.010

0.077^***

0.211^***

(3.975)

(10.741)

(−12.491)

(0.929)

(4.462)

(7.420)

Top1

−0.000

0.000

−0.000

0.000^*

−0.000^**

−0.000

(−0.103)

(0.010)

(−0.704)

(1.653)

(−2.123)

(−1.612)

Seo

0.005

0.010^**

−0.003

−0.001

0.008

0.012

(1.336)

(2.067)

(−0.742)

(−0.161)

(1.215)

(1.097)

Avloss

−0.015^***

0.005

−0.010

−0.004

0.026^**

0.040^**

(−2.588)

(0.675)

(−1.470)

(−0.617)

(2.440)

(2.302)

Year/Ind

控制

控制

控制

控制

控制

控制

Adj-R²

0.151

0.213

0.090

0.064

0.138

0.130

F

10.720

15.800

6.409

4.735

9.766

9.153

N

2,074

2,074

2,074

2,074

2,074

2,074