变量名

(1)

(2)

TC

TC

Financial

0.171^**

(2.48)

0.155^**

(2.29)

CEOpay

1.039^***

(26.14)

Financial*CEOpay

0.393^***

(2.92)

Turnover

0.239^***

(4.44)

0.109^**

(2.04)

Board

1.257^***

(12.54)

1.035^***

(10.46)

Supervise

0.572^***

(6.25)

0.615^***

(6.81)

Age

−0.280^***

(−4.29)

−0.337^***

(−5.22)

ROA

−0.703^*

(−1.95)

−1.798^***

(−4.98)

Cash

2.290^***

(6.81)

1.796^***

(5.40)

CEOage

0.005

(1.45)

−0.001

(−0.42)

Z

−0.004^***

−0.003^**

Constant

(−3.12)

8.957^***

(−1.97)

9.360^***

调整R方

0.083

0.105

行业

控制

控制

年份

控制

控制