变量

全样本 列1

全样本 列2

State = 1 列3

State = 0 列4

Op

Eu

0.195^***

0.243^***

0.151^***

0.295^***

(0.026)

(0.033)

(0.056)

(0.048)

SCR

−0.748^***

−0.955^*

−0.731^***

(0.198)

(0.517)

(0.218)

Eu*SCR

−0.167^***

0.150

−0.239^***

(0.049)

(0.168)

(0.064)

Size

−0.423^***

−0.356^***

−0.658^***

−0.197^**

(0.065)

(0.066)

(0.130)

(0.083)

Lev

4.145^***

3.977^***

4.971^***

3.343^***

(0.487)

(0.488)

(1.056)

(0.580)

ROA

−4.160^***

−3.823^***

−13.856^***

−1.757

(1.149)

(1.199)

(2.902)

(1.455)

CRatio

0.108^**

0.103^**

0.173^*

0.068

(0.046)

(0.046)

(0.090)

(0.058)

Loss

1.002^***

0.814^***

0.344

0.917^***

(0.199)

(0.198)

(0.430)

(0.238)

Big4

−0.339

−0.222

−0.677

−0.014

(0.422)

(0.395)

(1.075)

(0.445)

ArInv

−1.557^***

−1.537^***

−4.155^***

−0.946^*

(0.434)

(0.434)

(1.066)

(0.495)

State

−1.208^***

−1.236^***

(0.163)

(0.167)

Age

0.042^***

0.044^***

−0.000

0.048^***

(0.011)

(0.011)

(0.028)

(0.013)

Sgr

−0.558

−0.630

1.682

−1.549

(0.710)

(0.741)

(1.376)

(0.970)

Yretwd

−0.290

−0.228

−0.036

−0.170

(0.192)

(0.189)

(0.371)

(0.245)

_cons

3.846^***

2.561^*

8.196^***

−0.977

(1.445)

(1.460)

(2.774)

(1.850)

year/ind

control

control

control

control

N

10,639

10,639

3756

6173

Pseudo R²

0.3086

0.3177

0.41

0.3176

Wald chi²

868.96

860.77

276.63

628.71