模型(1)

模型(2)

模型(3)

变量

SDC

REP

SDC

CSR

0.2070^***

(10.76)

0.2125^***

(10.3607)

REP

0.4891^***

(3.2606)

Size

0.4407^**

(3.7259)

0.1125^***

(11.0462)

0.5026^***

(4.2189)

Age

0.0409^*

(1.7762)

−0.0126^***

(−6.3425)

−0.0311

(−1.3696)

Growth

0.7964^***

(9.0736)

0.0808^***

(10.7255)

0.8355^***

(9.4597)

Board

0.1917

(0.6368)

0.0816^***

(3.1475)

0.1542

(0.5123)

LEV

−0.7659^*

(−1.8444)

−0.0479

(−1.3389)

−0.7392^*

(−1.7815)

Year

Yes

Yes

Yes

N

7200

7200

7200