变量

(1)

(2)

(3)

GI

CI

GI

EDT

0.008^***

0.015^***

0.008^***

(14.860)

(3.669)

(14.736)

CI

0.005^***

(4.081)

Lev

0.267^***

−3.417^***

0.283^***

(5.624)

(−9.873)

(5.943)

LnSize

0.247^***

0.683^***

0.243^***

(29.755)

(11.321)

(29.255)

ROA

0.529^***

2.588^**

0.517^***

(3.799)

(2.555)

(3.713)

Holding

0.192^***

1.135^***

0.186^***

(4.812)

(3.914)

(4.679)

LnAge

−0.232^***

−1.086^***

−0.227^***

(−6.768)

(−4.346)

(−6.619)

Dual

0.067^***

−0.694^***

0.070^***

(4.135)

(−5.892)

(4.333)

SOE

0.050^***

0.294^**

0.049^***

(2.654)

(2.133)

(2.582)

EBD

0.006

0.000

0.006

(0.835)

(0.010)

(0.836)

Top1

−0.002^***

−0.001

−0.002^***

(−3.487)

(−0.139)

(−3.484)

Constant

−4.736^***

9.669

−4.781^***

(−5.488)

(1.539)

(−5.543)

Ind/Year

Yes

Yes

Yes

N

14402

14402

14402

adj.R²

0.190

0.353

0.191

F

90.124

207.486

88.336