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

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

0.0158^***

(4.35)

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

0.0474^*

(2.48)

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

−0.0599^*

(−1.66)

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

−0.0781

(−2.57)

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

−0.0373

(−2.43)

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

0.0447

(1.08)

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

0.0220^***

(3.64)

Constant

1.0665

Year

控制

Industry

控制

N

1748

Adj.R²

0.2204