Variables

(1)

Fin

(2)

Fin

(3)

Fin

(4)

Fin

Private10

0.002^***

0.991^***

(3.07)

(1.89)

PrivateTS

0.009^***

0.003^**

(6.73)

(2.15)

LEV

−0.001

−0.001

−0.003^***

−0.003^***

(−0.70)

(−0.52)

(−3.23)

(−3.20)

Size

0.001^***

0.002^***

0.002^***

0.002^***

(4.48)

(3.79)

(6.15)

(6.36)

Dong

−0.001^***

−0.001^***

−0.186^**

−0.018^**

(−3.34)

(−3.37)

(−1.95)

(−2.0)

Growth

−0.001

−0.001

−0.007

−0.003

(−0.7)

(−0.24)

(−1.40)

(−0.63)

Cash

0.001

0.001

−0.003^*

−0.003^*

(0.69)

(0.62)

(−1.72)

(−1.74)

Age

0.001

0.001

0.003^***

0.003^***

(0.97)

(0.89)

−4.6

(4.63)

ROA

0.002

0.059^***

0.007

0.05

(0.72)

(2.08)

(0.79)

(1.52)

Top10

−0.020^***

−0.018^***

−0.017^***

−0.017^***

(−12.29)

(−10.43)

(−10.94)

(−10.00)

Constant

−0.015^***

−0.015^***

−0.002

−0.003

(−5.85)

(−5.73)

(−0.67)

(−0.83)

Industry FE

NO

NO

YES

YES

Year FE

NO

NO

YES

YES

N

18392

18392

18392

18392

R²

0.019

0.019

0.11

0.11