|
| (5) | (6) |
| VARIABLES | COC | COC |
| RD | −0.00286** | −0.00515*** |
| (−2.563) | (−3.220) | |
| EAge | −0.00444* |
|
| (−1.771) |
| |
| RD*EAge | 0.000833** |
|
| (2.091) |
| |
| TAge |
| 0.000143 |
|
| (0.677) | |
| RD*TAge |
| −0.000121*** |
|
| (−3.577) | |
| SIZE | 0.00317*** | 0.00331*** |
| (6.750) | (7.053) | |
| AT | 0.00738*** | 0.00732*** |
| (4.669) | (4.647) | |
| GRO | 0.00451*** | 0.00426*** |
| (3.090) | (2.929) | |
| ROA | −0.0278*** | −0.0264*** |
| (−3.043) | (−2.895) | |
| STA | −0.00861*** | −0.00817*** |
| (−7.383) | (−6.968) | |
| HERF | −0.000178*** | −0.000178*** |
| (−5.080) | (−5.111) | |
| YTO | −0.000201 | −0.000229 |
| (−0.985) | (−1.125) | |
| 年份效应 | Yes | Yes |
| 行业效应 | Yes | Yes |
| Constant | 0.0388*** | 0.0163 |
| (2.966) | (1.119) | |
| Observations | 5606 | 5606 |
| R-squared | 0.186 | 0.189 |
| r2_a | 0.180 | 0.183 |
| F | 30.31 | 30.86 |