变量

(1)

(2)

(3)

(4)

Cscore

Cscore

Cscore-Basu

Cscore

替换变量

KAM_DUM

0.030^***

0.021^***

0.011^***

0.022^***

(24.59)

(13.47)

(23.52)

(13.43)

KAMxTRANS

−0.040^***

(−3.17)

TRANS

−0.073^***

0.030^***

−0.071^***

(−5.29)

(5.72)

(−5.19)

Institutional

−0.000^**

0.001^***

−0.000^**

(−2.22)

(7.58)

(−2.04)

Board

−0.037^**

−0.006

−0.036^**

(−2.55)

(−1.07)

(−2.47)

growth

−0.014^***

0.004^***

−0.014^***

(−4.79)

(3.45)

(−4.91)

Reps

0.012^***

0.004^**

0.012^***

(2.67)

(2.38)

(2.84)

Top1

−0.234^***

−0.058^***

−0.233^***

(−6.92)

(−5.32)

(−7.00)

ROA

−0.229^***

0.061^***

−0.229^***

(−5.92)

(4.15)

(−6.00)

Constant

0.030^***

0.254^***

0.008

0.248^***

(31.51)

(6.91)

(0.55)

(6.75)

Observations

4076

4073

4073

4073

R-squared

0.084

0.19

0.166

0.192