(1)

(2)

(3)

(4)

变量

REM

Agencycost

REM

REM

Leader

−0.059^**

0.030^***

−0.033

(−2.44)

−2.73

(−1.42)

Acost

−0.884^***

(−19.75)

PCM

−0.333^***

(−12.83)

PCMXLeader

−0.771^**

(−2.44)

Controls

YES

YES

YES

Yes

Cons

0.012

1.963^***

1.726^***

−0.635^***

−0.08

−43.56

−10.73

(−3.44)

Ind

YES

YES

YES

YES

Year

YES

YES

YES

YES

N

4202

4202

4202

4202

r2

0.43

0.576

0.497

0.465