|
| 当期 | 滞后一期 | 滞后二期 | 滞后三期 |
| VARIABLES | ROE | ROE | ROE | ROE |
| RD | −28.999*** |
|
|
|
|
| (5.013) |
|
|
|
| L.RD |
| −6.078 |
|
|
|
|
| (7.609) |
|
|
| L2.RD |
|
| 14.358 |
|
|
|
|
| (8.666) |
|
| L3.RD |
|
|
| 22.850* |
|
|
|
|
| (12.487) |
| LEV | −0.195** | −0.159 | −0.345** | −0.620* |
|
| (0.082) | (0.121) | (0.167) | (0.334) |
| SIZE | 0.791** | 0.633 | 1.353 | 2.865 |
|
| (0.320) | (0.520) | (0.865) | (2.015) |
| AGE | −0.357 | −0.078 | −0.225 | −0.193 |
|
| (0.359) | (0.563) | (0.599) | (0.850) |
| _cons | 2.768 | 1.943 | 3.413 | 5.928 |
|
| (1.754) | (2.602) | (3.075) | (6.303) |
| N | 145.000 | 121.000 | 95.000 | 65.000 |
| r2 | 0.334 | 0.036 | 0.195 | 0.242 |
| r2_a | 0.070 | −0.465 | −0.402 | −0.866 |