| (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 |