变量

列1

列2

列3

列4

Lnfee

Op

Lnfee

Op

Eu

0.016^***

0.195^***

0.016^***

0.197^***

(0.003)

(0.028)

(0.003)

(0.025)

MRatio

−0.034

−0.880

(0.029)

(0.560)

Eu*MRatio

0.073^***

−0.364^**

(0.019)

(0.144)

Size

0.402^***

−0.407^***

0.402^***

−0.401^***

(0.005)

(0.067)

(0.005)

(0.067)

Lev

−0.090^**

4.267^***

−0.088^**

4.241^***

(0.038)

(0.477)

(0.038)

(0.477)

ROA

−0.788^***

−4.822^***

−0.790^***

−4.822^***

(0.086)

(0.806)

(0.086)

(0.804)

CRatio

−0.021^***

0.123^***

−0.020^***

0.124^***

(0.003)

(0.046)

(0.003)

(0.046)

Loss

0.007

1.116^***

0.006

1.116^***

(0.017)

(0.191)

(0.017)

(0.190)

Big4

0.625^***

−0.333

0.624^***

−0.409

(0.026)

(0.426)

(0.026)

(0.449)

ArInv

0.012

−1.515^***

0.013

−1.449^***

(0.032)

(0.440)

(0.032)

(0.435)

State

−0.116^***

−1.141^***

−0.120^***

−1.200^***

(0.010)

(0.165)

(0.011)

(0.166)

Age

0.008^***

0.040^***

0.007^***

0.032^***

(0.001)

(0.011)

(0.001)

(0.012)

_cons

4.947^***

3.247^**

4.964^***

3.312^**

(0.112)

(1.471)

(0.113)

(1.475)

year/ind

control

control

control

control

N

10410

10302

10410

10302

Pseudo R2

0.649

0.298

0.649

0.3008