变量

滞后模型(1)

L.ROA

滞后模型(2)

L.ROA

滞后模型(3)

GI

滞后模型(4)

GI

滞后模型(5)

L.ROA

滞后模型(6)

L.ROA

Pay

0.018^***

0.022^**

0.018^***

(8.08)

(1.42)

(8.02)

Sto

0.051^***

0.053^**

0.051^***

(7.99)

(1.02)

(7.98)

GI

0.003^**

0.003^***

(2.47)

(2.68)

Size

0.046^***

0.052^***

0.054^***

0.061^***

0.046^***

0.052^***

(13.63)

(15.24)

(2.92)

(3.30)

(13.64)

(15.25)

Lev

−0.144^***

−0.145^***

0.119^**

0.119^**

−0.144^***

−0.145^***

(−13.55)

(−13.61)

(2.05)

(2.04)

(−13.62)

(−13.68)

Growth

−0.025^***

−0.024^***

−0.035^***

−0.034^***

−0.025^***

−0.024^***

(−10.89)

(−10.75)

(−2.83)

(−2.77)

(−10.85)

(−10.71)

Top1

0.056^***

0.047^***

0.167

0.158

0.055^***

0.046^***

(3.56)

(3.03)

(1.35)

(1.28)

(3.52)

(2.99)

Constant

−1.170^***

−1.044^***

−1.293^***

−1.121^***

−1.167^***

−1.043^***

(−15.59)

(−14.07)

(−3.00)

(−2.79)

(−15.59)

(−14.08)

State

Controlled

Year

Controlled

N

11,509

11,509

14,942

14,942

11,509

11,509

R²

0.137

0.135

0.036

0.037

0.138

0.135

F值

78.40

75.16

27.40

27.47

71.30

68.35