VARIABLES

Z

(1) Dt低于2.079

Z

(2) Dt高于2.079

Dt

0.618^***

(0.231)

0.482^***

(0.174)

−0.484^**

(0.225)

−0.398^**

(0.190)

Roe

−21.503^**

(8.501)

−10.25^***

(3.478)

Gro

0.002

(0.344)

0.357^**

(0.166)

qu

−0.512

(0.563)

−0.360

(0.245)

Sum

0.027

(0.018)

0.009

(0.006)

Board

0.027

(0.018)

0.061

(0.039)

Mshare

−0.008

(0.031)

−0.044

(0.048)

Constant

−3.131^***

(0.375)

−5.422^**

(2.163)

−1.674^**

(0.711)

−1.95^**

(0.863)

个体效应

Yes

Yes

Yes

Yes

时间效应

Yes

Yes

Yes

Yes

样本量

244

244

248

248

R²

0.169

0.297

0.388

0.516