(1)

(2)

(3)

(4)

(5)

(6)

Pincome

Grosspro

Cash

Pc

Tax

Sub

Don

0.219***

0.775***

0.831*

0.180**

0.023

0.035***

(8.95)

(7.82)

(1.79)

(2.48)

(1.48)

(5.63)

Asset

0.007***

0.0160*

1.343***

0.036***

0.007***

−0.020***

(3.44)

(1.71)

(25.31)

(5.50)

(4.30)

(−3.28)

Lev

−0.266***

−1.039***

−1.813***

0.050

−0.034***

−0.077

(−22.32)

(−18.81)

(−8.12)

(1.41)

(−3.61)

(−1.23)

Industry

0.032***

0.0482

−0.562***

−0.016

0.004

−0.012***

(3.88)

(1.26)

(−3.14)

(−0.62)

(0.80)

(−5.12)

No1share

0.050***

0.160***

0.763***

−0.053

0.032***

0.016***

(3.94)

(2.76)

(3.15)

(−1.23)

(3.30)

(3.65)

Board

0.003

0.00920

−0.0268

0.025***

−0.004***

−0.001***

(1.61)

(1.18)

(−1.04)

(5.07)

(−3.09)

(−2.81)

Both

0.016***

0.0762***

0.131**

−0.034***

−0.007**

−0.019*

(4.56)

(4.71)

(2.38)

(−2.94)

(−2.51)

(−1.72)