(1)

${\text{VOL}}_{i,t}$

(2)

${\text{VOL}}_{i,t}$

${\text{RD}}_{i,t-1}$

0.0019^***

(5.4)

0.0020^***

(4.76)

${\text{BM}}_{i,t-1}$

0.0456^**

(2.38)

${\text{ROA}}_{i,t-1}$

−0.0625^*

(−1.73)

${\text{TAT}}_{i,t-1}$

−0.0676^**

(−2.21)

${\text{LNASS}}_{i,t-1}$

−0.0289^**

(−2.36)

${\text{LEV}}_{i,t-1}$

0.0449

(1.08)

${\text{RET}}_{i,t-1}$

0.0217^***

(3.55)

Constant

0.5010

1.0760

Year

控制

控制

Industry

控制

控制

N

2788

1748

Adj.R²

0.1800

0.2198