(1) 董监高

(2) 大股东

变量

LNFEE

LNFEE

STRADER2

0.746***

(3.29)

STRADER3

0.605***

(3.20)

Controls

Yes

Yes

Constant

5.662***

5.651***

(76.02)

(75.93)

Industry fixed effect

Yes

Yes

Year fixed effect

Yes

Yes

Observations

18,535

18,535

R-squared

0.657

0.657

r2_a

0.656

0.656