变量

高于均值

低于均值

HC

0.556^***

0.537^***

(0.015)

(0.016)

FC

0.078^**

−0.208^***

(0.040)

(0.045)

ROA

1.275^***

1.726^***

(0.048)

(0.057)

FT

−0.880^***

−0.796^***

(0.044)

(0.053)

size1

0.306^***

0.328^***

(0.012)

(0.015)

size2

−0.463^***

−0.478^***

(0.014)

(0.017)

Constant

−2.697^***

−3.516^***

(0.164)

(0.186)

Observations

9148

7033

R-squared

0.562

0.585

Number of code

2288

1418