(1)

(2)

(3)

(4)

变量

REM

R_PROD

R_CFO

R_DISEXP

Leader

−0.089^***

0.023^***

−0.039^*

0.027^**

(−2.79)

(2.71)

(−1.82)

(2.09)

DA

1.066^***

−0.758^***

0.326^***

0.018

(17.9)

(−44.50)

−7.12

−0.99

Opinion

−0.015

0.011^**

−0.01

−0.006

(−0.83)

−2.08

(−0.76)

(−0.76)

Big4

−0.023^***

−0.002

−0.011^**

0.013^***

(−3.20)

(−0.88)

(−2.39)

−5.19

Size

0.009^***

0.001

0.006^***

−0.004^***

(4.45)

(1.43)

(3.83)

(−6.19)

Lev

0.375^**

−0.093^*

0.501^***

0.219^***

(2.04)

(−1.77)

(3.9)

(3.72)

Growth

−0.047^***

−0.008^**

0.008

0.062^***

(−3.85)

(−2.10)

(0.78)

(13.15)

Roe

−0.643^***

0.179^***

−0.462^***

0.003

(−9.82)

(9.95)

(−10.32)

(−0.12)

Constant

0.017

−0.104^**

−0.201^**

−0.114^**

(0.12)

(−2.48)

(−2.05)

(−2.46)

Ind

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

4202

4202

4202

4202

r2

0.431

0.738

0.228

0.268