(1)

(2)

(3)

(4)

(5)

(6)

变量

RD1

RD1

RD2

RD2

RD3

RD3

常数项

−1.221

−2.424**

0.038

0.047*

0.038**

0.031**

(−1.052)

(−2.120)

(1.380)

(1.681)

(2.405)

(1.978)

Academic

0.692***

0.527***

0.017***

0.014***

0.008***

0.007***

(30.177)

(25.608)

(33.622)

(30.114)

(34.245)

(30.990)

Size

0.612***

0.643***

−0.005***

−0.005***

−0.004***

−0.004***

(61.238)

(67.709)

(−22.267)

(−23.811)

(−36.134)

(−35.683)

Lev

−0.891***

−0.369***

−0.041***

−0.029***

−0.005***

−0.000

(−16.818)

(−7.475)

(−34.239)

(−25.628)

(−9.625)

(−0.901)

ROA

1.508***

2.232***

−0.045***

−0.026***

0.027***

0.035***

(9.138)

(15.003)

(−12.180)

(−7.486)

(15.802)

(21.552)

Growth

0.044*

0.046**

0.000

−0.001

0.000

0.000

(1.805)

(2.075)

(0.461)

(−1.543)

(0.291)

(0.328)

Board

−0.404***

−0.020

−0.012***

−0.004***

−0.004***

−0.000

(−7.332)

(−0.394)

(−9.557)

(−3.711)

(−6.647)

(−0.544)

Indep

−0.903***

−0.545***

0.000

0.005

−0.004**

−0.002

(−4.530)

(−3.071)

(0.097)

(1.110)

(−2.123)

(−0.823)

FirmAge

−0.120***

−0.424***

−0.003***

−0.010***

−0.001***

−0.004***

(−5.050)

(−17.947)

(−5.182)

(−18.321)

(−3.311)

(−15.282)

Age

0.319***

0.060

0.003**

0.000

0.003***

0.001

(5.276)

(1.102)

(2.305)

(0.136)

(4.461)

(1.484)

Gender

0.003

0.030

−0.000

0.000

0.001**

0.001***

(0.084)

(0.874)

(−0.484)

(0.522)

(2.313)

(3.238)

Degree

0.043***

0.053***

0.003***

0.003***

0.001***

0.001***

(4.290)

(5.892)

(13.526)

(12.627)

(9.499)

(10.125)

Site

0.141***

0.144***

0.003***

0.003***

0.001***

0.001***

(14.763)

(16.685)

(14.138)

(12.451)

(14.968)

(14.990)

Year/Ind

未控制

控制

未控制

控制

未控制

控制

Adjusted R-squared

0.275

0.428

0.249

0.358

0.231

0.340

F

512.5

296.3

447.3

221.1

405.8

203.7

N

16,148

16,148

16,148

16,148

16,148

16,148