(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