基于ASS的中介效应

基于Dexp的中介效应

(1)

(2)

(3)

(4)

(5)

(6)

ASS

TobinQ

ROA

Dexp

TobinQ

ROA

DT

0.053**

0.840***

0.006**

0.252***

0.483***

0.005**

(2.275)

(9.345)

(2.500)

(20.078)

(5.362)

(2.082)

ASS

0.055**

0.026***

(2.005)

(26.866)

Dexp

1.427***

0.008***

(14.644)

(2.607)

Size

0.010***

−0.144***

0.006***

−0.001

−0.142***

0.007***

(2.989)

(−12.626)

(20.934)

(−1.319)

(−12.448)

(21.183)

Lev

0.389***

−1.183***

−0.113***

−0.082***

−1.044***

−0.103***

(21.132)

(−16.916)

(−59.771)

(−12.639)

(−15.293)

(−53.877)

Growth

0.049***

0.472***

0.024***

0.029***

0.434***

0.025***

(5.337)

(14.525)

(21.491)

(8.838)

(13.561)

(21.417)

Age

0.035***

0.188***

0.005***

0.046***

0.125***

0.005***

(3.798)

(6.173)

(5.327)

(15.739)

(4.056)

(5.649)

Indep

−0.242***

0.469***

−0.008

0.092***

0.324*

−0.015***

(−4.827)

(2.701)

(−1.549)

(5.220)

(1.890)

(−2.841)

Top10

0.208***

−0.477***

0.039***

−0.062***

−0.378***

0.045***

(10.675)

(−7.284)

(20.326)

(−8.961)

(−5.826)

(22.725)

State

0.040***

0.078***

−0.008***

−0.023***

0.113***

−0.007***

(5.457)

(3.462)

(−11.400)

(−9.565)

(5.050)

(−9.276)

_cons

0.118

5.047***

−0.095***

0.678***

4.086***

−0.097***

(1.629)

(19.223)

(−13.618)

(29.428)

(15.081)

(−12.838)

Obs.

13703

13703

13703

13703

13703

13703

R−squared

0.075

0.099

0.326

0.111

0.118

0.279