| Variable | (1) | (2) | (3) | (4) |
| lnRD | lnRD | lnRD | lnRD | |
| lnSub | 0.2989*** | 0.0453* | 0.0377** | 0.0268** |
| (5.1931) | (1.8208) | (2.0725) | (2.0230) | |
| Roe |
| 1.7278** |
| −0.3364 |
|
| (2.2561) |
| (−0.5072) | |
| Size |
| 1.0244*** |
| 0.7012*** |
|
| (31.4565) |
| (7.9101) | |
| Top1 |
| 0.0035 |
| 0.0066 |
|
| (1.0901) |
| (1.1486) | |
| DPR |
| 0.0089** |
| −0.0184** |
|
| (2.0649) |
| (−2.5864) | |
| F_leve |
| −0.0114 |
| −0.0085 |
|
| (−0.2949) |
| (−0.3026) | |
| O_leve |
| 0.0929*** |
| −0.0371* |
|
| (3.0137) |
| (−1.7982) | |
| HHI_A |
| −2.4249*** |
| −14.4411*** |
|
| (−3.4200) |
| (−3.0624) | |
| Constant | 14.0147*** | −4.5952*** | 16.8616*** | 6.2229** |
| (16.5427) | (−7.0749) | (50.2848) | (2.2895) | |
| N | 561 | 561 | 561 | 561 |
| R-squared | 0.2215 | 0.9056 | 0.5987 | 0.7219 |
| firm | no | no | yes | yes |
| year | no | no | yes | yes |
| Number of stkcd | 99 | 99 | 99 | 99 |