|
| 不加入控制变量 | 加入年份和行业效应 | 加入控制变量(对应假设H1) |
| VARIABLES | RD_w | RD_w | RD_w |
| PE_w | 0.0938** | 0.0915** | 0.1437*** |
|
| (2.4956) | (2.3908) | (3.8342) |
| Size_w |
|
| −0.0047 |
|
|
|
| (−0.3398) |
| Age_w |
|
| −0.3145*** |
|
|
|
| (−7.1146) |
| Debt_w |
|
| −0.0400 |
|
|
|
| (−0.4526) |
| Top_w |
|
| −0.1922* |
|
|
|
| (−1.8107) |