(1)

(2)

(3)

公司IPO后第一年

公司IPO后第二年

公司IPO后第三年

LOD1

LOD2

LOD3

experience

0.000250^***

0.000121^***

0.000061

(4.35)

(2.63)

(1.11)

gender

0.092661

0.021506

−0.097220

(0.54)

(0.16)

(−0.66)

edbackground

0.253344^**

−0.062897

−0.025710

(2.04)

(−0.63)

(−0.24)

regisrecord

−0.124494^**

0.006990

−0.092251^**

(−2.53)

(0.17)

(−2.15)

credit

−0.012627

−0.422035

−0.297616

(−0.03)

(−1.10)

(−0.70)

ROE

6.527845^***

6.288805^***

7.349959^***

(5.23)

(6.46)

(8.93)

LnSize

0.280657^***

0.390441^***

0.381716^***

(2.75)

(4.70)

(4.33)

DTAR

−0.817411^*

−2.026054^***

−2.335062^***

(−1.76)

(−5.59)

(−6.01)

AT

0.000629

0.113904

0.180250

(0.00)

(0.78)

(1.11)

RG

0.665440^**

−0.194916

0.001488

(2.45)

(−1.00)

(0.01)

Audit

−0.568517

−4.352822^***

−0.874008^*

(−0.26)

(−5.09)

(−1.71)