调整样本期间

改变样本容量

(1)

(2)

(3)

(4)

TobinQ

ROA

TobinQ

ROA

DT

0.635***

0.009***

0.865***

0.007**

(6.345)

(2.990)

(8.386)

(2.409)

Size

−0.211***

0.006***

−0.108***

0.009***

(−15.518)

(14.895)

(−6.896)

(20.525)

Lev

−1.019***

−0.099***

−1.257***

−0.102***

(−12.572)

(−42.709)

(−11.694)

(−33.005)

Growth

0.249***

0.019***

0.566***

0.030***

(7.174)

(13.647)

(13.107)

(18.778)

Age

0.170***

0.006***

0.205***

0.006***

(4.824)

(4.950)

(5.679)

(5.313)

Indep

0.352*

−0.022***

0.720***

−0.010

(1.728)

(−3.504)

(3.273)

(−1.549)

Top10

−0.584***

0.049***

−0.578***

0.054***

(−7.522)

(19.914)

(−6.901)

(21.996)

State

0.139***

−0.006***

0.184***

−0.007***

(5.420)

(−6.623)

(5.837)

(−7.161)

_cons

6.647***

−0.076***

4.203***

−0.145***

(21.740)

(−8.591)

(11.363)

(−14.883)

Obs.

8924

8924

10251

10251

R-squared

0.124

0.275

0.061

0.206