(1)

(2)

(3)

变量

LNFEE

LNFEE

LNFEE

STRADER

0.316^***

0.477^***

0.466^***

(2.70)

(4.16)

(4.05)

SIZE

0.384^***

0.346^***

0.346^***

(112.04)

(106.51)

(107.04)

LEV

0.197^***

0.218^***

0.217^***

(9.11)

(10.51)

(10.48)

ARR

0.117^***

0.117^***

0.114^***

(3.11)

(3.26)

(3.19)

INV

−0.061^*

0.010

0.009

(−1.81)

(0.29)

(0.28)

CUR

−0.144^***

−0.131^***

−0.128^***

(−6.36)

(−6.04)

(−5.89)

LOSS

0.103^***

0.104^***

0.104^***

(9.39)

(10.02)

(9.95)

TENURE

0.006^***

0.006^***

(10.51)

(10.38)

BIG4

0.665^***

0.666^***

(37.04)

(36.96)

TOP1

−0.000

(−1.07)

MHOLD

−0.001

(−0.14)

INDEP

−0.015

(−0.27)

Constant

4.929^***

5.653^***

5.656^***

(65.41)

(79.00)

(76.02)

Industry fixed effect

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Observations

18,535

18,535

18,535

R-squared

0.621

0.657

0.657

r2_a

0.620

0.657

0.656