变量

(1)

(2)

(3)

GI

GI

GI

EDT

0.012^***

0.009^***

0.008^***

(20.742)

(16.269)

(14.860)

Lev

0.263^***

0.267^***

(5.471)

(5.624)

LnSize

0.269^***

0.247^***

(33.910)

(29.755)

ROA

0.487^***

0.529^***

(3.494)

(3.799)

Holding

0.197^***

0.192^***

(4.831)

(4.812)

LnAge

−0.308^***

−0.232^***

(−8.816)

(−6.768)

Dual

0.065^***

0.067^***

(3.913)

(4.135)

SOE

0.027

0.050^***

(1.417)

(2.654)

EBD

0.008

0.006

(1.195)

(0.835)

Top1

−0.002^***

−0.002^***

(−4.610)

(−3.487)

Constant

0.515^***

−4.520^***

−4.736^***

(61.995)

(−22.524)

(−5.488)

Ind/Year

No

No

Yes

N

14402

14402

14402

adj.R²

0.029

0.147

0.190

F

430.211

249.967

90.124