VARIABLES

Z

(1)

Z

(2)

Dt

0.867^***

(0.304)

0.697^***

(0.247)

Dt²

−0.224^***

(0.076)

−0.168^***

(0.057)

Roe

−16.803^***

(4.276)

Gro

0.081

(0.231)

qu

−0.448

(0.352)

Sum

0.017^**

(0.008)

Board

0.124^**

(0.058)

Mshare

−0.007

(0.198)

Constant

−3.27^***

(0.300)

−3.986^***

(1.030)

个体效应

Yes

Yes

时间效应

Yes

Yes

样本量

492

492

R²

0.178

0.309