| (1) | (2) | (3) | (4) | (5) | (6) |
VARIABLES | rd_w | rd_w | rd_w | rd_w | rd_w | rd_w |
csr | 1.299*** | 0.961** | 0.953** | 1.002** | 0.953** | 1.006** |
(2.76) | (2.09) | (2.07) | (2.18) | (2.09) | (2.21) | |
man | 0.322* | 0.127 | 0.124 | 0.166 | 0.095 | 0.143 |
(1.77) | (0.69) | (0.67) | (0.88) | (0.51) | (0.76) | |
educ | 0.169 | −0.045 | −0.065 | −0.144 | 0.013 | −0.077 |
(1.12) | (−0.29) | (−0.42) | (−0.90) | (0.08) | (−0.48) | |
political | 0.675*** | 0.281* | 0.280* | 0.303* | 0.296* | 0.326* |
(4.51) | (1.73) | (1.72) | (1.81) | (1.82) | (1.95) | |
authority |
| −0.322** | −0.317** | −0.282* | −0.368** | −0.318** |
| (−2.18) | (−2.14) | (−1.95) | (−2.48) | (−2.19) | |
lnsize_w |
| 0.083 | 0.080 | 0.090 | −0.019 | −0.010 |
| (1.37) | (1.31) | (1.46) | (−0.29) | (−0.15) | |
overseas |
| 1.235*** | 1.227*** | 1.277*** | 0.869*** | 0.960*** |
| (4.89) | (4.86) | (4.86) | (3.35) | (3.61) | |
emptrain |
| 0.784*** | 0.765*** | 0.790*** | 0.797*** | 0.829*** |
| (4.95) | (4.86) | (4.88) | (5.04) | (5.07) | |
lev_w |
| 0.031 | 0.017 | −0.078 | −0.134 | −0.200 |
| (0.11) | (0.06) | (−0.28) | (−0.51) | (−0.74) | |
profit |
| 2.217*** | 2.233*** | 2.294*** | 2.157*** | 2.209*** |
| (3.47) | (3.49) | (3.48) | (3.36) | (3.34) | |
future |
| 0.618*** | 0.615*** | 0.599*** | 0.688*** | 0.672*** |
| (3.47) | (3.44) | (3.23) | (3.80) | (3.57) | |
finance |
|
| 0.249 | 0.184 | 0.217 | 0.151 |
|
| (1.56) | (1.11) | (1.37) | (0.92) | |
credit |
|
| −0.219 | −0.156 | −0.176 | −0.102 |
|
| (−1.29) | (−0.90) | (−1.05) | (−0.60) | |
企业主年龄 | Y | Y | Y | Y | Y | Y |
企业年龄 | N | Y | Y | Y | Y | Y |
行业效应 | N | N | N | N | Y | Y |
地区效应 | N | N | N | Y | N | Y |
Constant | 0.259 | −0.648 | −0.639 | −0.250 | 0.481 | 0.813 |
(0.73) | (−1.47) | (−1.36) | (−0.40) | (0.72) | (1.01) | |
Observations | 3,176 | 3,174 | 3,174 | 3,174 | 3,174 | 3,174 |
R-squared | 0.016 | 0.055 | 0.056 | 0.070 | 0.083 | 0.097 |
r2_a | 0.0130 | 0.0502 | 0.0506 | 0.0551 | 0.0721 | 0.0771 |