Industry

−0.0864

−0.0466

−0.00270

−0.0363

−0.0356

−0.0109

(−1.11)

(−0.59)

(−0.03)

(−0.46)

(−0.45)

(−0.14)

No1share

0.347***

0.389***

0.383***

0.426***

0.431***

0.393***

(2.88)

(3.20)

(3.18)

(3.50)

(3.54)

(3.23)

Board

−0.0241*

−0.0219

−0.0182

−0.0193

−0.0202

−0.0166

(−1.74)

(−1.57)

(−1.31)

(−1.37)

(−1.44)

(−1.18)

Both

0.0493

0.0572*

0.0681**

0.0752**

0.0752**

0.117***

(1.49)

(1.72)

(2.07)

(2.26)

(2.26)

(3.48)

IND

−0.234

−0.114

0.0702

0.0536

0.0405

−0.0716

(−0.64)

(−0.31)

(0.19)

(0.14)

(0.11)

(−0.19)

age

0.0454***

0.0452***

0.0446***

0.0433***

0.0435***

0.0469***

(11.51)

(11.41)

(11.40)

(10.95)

(11.00)

(11.72)

_cons

63.81***

56.53***

40.41*

61.92***

62.92***

−329.5***

(2.97)

(2.60)

(1.84)

(2.83)

(2.88)

(−3.39)

行业

YES

YES

YES

YES

YES

YES

年度

YES

YES

YES

YES

YES

YES

N

6317

6317

6317

6317

6317

6317

R²

0.420

0.410

0.410

0.401

0.401

0.405

Adj-R²

0.413

0.403

0.403

0.394

0.394

0.398