(1)

PAT

(2)

PAT

(3)

PAT

(4)

PAT

Degree

−0.173^**

(−2.557)

AGE

−0.419^***

−0.422^***

−0.431^***

−0.422^***

(−13.672)

(−13.786)

(−13.969)

(−13.591)

SIZE

0.003

0.001

0.01

−0.021

(0.015)

(0.038)

(0.391)

(−0.864)

PRO

3.572^***

3.600^***

3.414^***

3.508^***

(5.912)

(5.964)

(5.773)

(5.771)

RD

0.368^***

0.368^***

0.367^***

0.382^***

(19.421)

(19.299)

(19.329)

(20.182)

Board Num

0.011

0.011

0.011

0.018

(0.931)

(0.892)

(0.937)

(1.494)

Spvboard

−0.214^***

−0.212^***

−0.211^***

−0.204^***

(−12.348)

(−12.265)

(−12.136)

(−11.761)

Betweenness

−3.947^***

(−3.927)

Closeness

−1.917^***

(−4.885)

Structural hole

0.256^***

−4.464

_cons

−2.053^***

−2.016^***

−1.883^***

−1.969^***

(−4.789)

(−4.725)

(−4.414)

(−4.616)

lnalpha

0.275^***

0.274^***

0.273^***

0.273^***

−20.325

−20.349

−20.348

−19.913

N

9984

9984

9984

9984