|
Variable | (1) | (2) | (3) | (4) | (5) | (6) |
| TobinQ | TobinQ | TobinQ | TobinQ | TobinQ | TobinQ | |
| Cscore | 30.792*** | 31.519*** | 22.131*** | 38.233*** | 37.502*** | 25.284*** |
| (2.172) | (2.243) | (3.936) | (2.471) | (2.486) | (3.510) | |
| CSR |
| −0.093 | −0.472*** |
| 0.207*** | −0.271*** |
|
| (0.058) | (0.101) |
| (0.036) | (0.078) | |
| CSR*Cscore |
|
| 16.631*** |
|
| 20.828*** |
|
|
|
| (4.168) |
|
| (3.785) |
| SIZE |
|
|
| −0.608*** | −0.631*** | −0.631*** |
|
|
|
|
| (0.093) | (0.092) | (0.092) |
| TOP1 |
|
|
| −0.001 | −0.001 | −0.002 |
|
|
|
|
| (0.001) | (0.001) | (0.001) |
| LEV |
|
|
| 1.027*** | 1.181*** | 1.086*** |
|
|
|
|
| (0.286) | (0.292) | (0.284) |
| Turn |
|
|
| 0.235* | 0.222* | 0.229* |
|
|
|
|
| (0.124) | (0.125) | (0.125) |
| _cons | 0.829*** | 0.839*** | 1.093*** | 13.292*** | 13.706*** | 14.084*** |
|
| (0.094) | (0.093) | (0.126) | (1.796) | (1.781) | (1.788) |
| IND | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
| YEAR | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
| N | 16282.000 | 16282.000 | 16282.000 | 16282.000 | 16282.000 | 16282.000 |
| r2 | 0.054 | 0.055 | 0.056 | 0.106 | 0.107 | 0.109 |
| r2_a | 0.053 | 0.053 | 0.054 | 0.104 | 0.105 | 0.108 |