变量

(1)

(2)

(3)

(4)

(5)

(6)

TC

TC

TC

F_TC

TC

TC

Financial

0.239^**

0.202^***

0.155^**

0.229^***

0.260^***

0.171^**

(2.07)

(3.03)

(2.31)

(3.05)

(3.25)

(2.48)

CEOpay

1.034^***

0.993^***

11.674^***

1.004^***

1.014^***

(14.93)

(24.65)

(30.69)

(22.66)

(21.35)

Financial*CEOpay

0.356^*

0.296^**

2.295^*

0.374^**

0.320^**

(1.72)

(2.22)

(1.82)

(2.46)

(2.05)

Turnover

0.107

0.110^**

0.065

0.159^***

0.068

0.238^***

(1.02)

(2.05)

(1.22)

(2.73)

(0.98)

(4.41)

Board

1.035^***

1.065^***

0.981^***

0.929^***

1.116^***

1.257^***

(5.39)

(10.78)

(9.95)

(8.50)

(9.62)

(12.53)

Supervise

0.612^***

0.633^***

0.612^***

0.599^***

0.628^***

0.572^***

(3.25)

(6.92)

(6.81)

(6.01)

(5.29)

(6.24)

Age

−0.337^**

−0.295^***

−0.356^***

−0.359^***

−0.147^*

−0.278^***

(−2.47)

(−4.61)

(−5.56)

(−5.02)

(−1.74)

(−4.26)

ROA

−1.789^***

−1.691^***

−2.508^***

0.459

−2.070^***

−0.704^*

(−3.74)

(−4.73)

(−6.94)

(1.06)

(−5.08)

(−1.95)

Cash

1.794^***

1.937^***

1.535^***

0.247

1.666^***

2.293_***

(4.31)

(5.85)

(4.65)

(0.67)

(3.97)

(6.81)

CEOage

−0.001

−0.005

−0.005^*

−0.002

−0.000

0.005

(−0.23)

(−1.58)

(−1.76)

(−0.52)

(−0.04)

(1.45)

Z

−0.003

−0.003^*

−0.002

−0.004^***

−0.005^**

−0.004^***

(−1.01)

(−1.96)

(−1.25)

(−2.70)

(−2.39)

(−3.12)

Constant

9.313^***

9.067^***

−1.368^***

9.851^***

10.825^***

8.954^***

(12.98)

(23.49)

(−2.68)

(23.30)

(23.80)

(23.41)

调整R方

0.105

0.120

0.117

0.100

0.070

0.083

行业

控制

控制

控制

控制

控制

控制

年份

控制

控制

控制

控制

控制

控制

省份

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