Variable

回归(1)

回归(2)

回归(3)

Media

−0.0132**

(−2.1734)

−0.0375**

(−6.2066)

−0.0385***

(−6.3857)

Anl

−0.0374**

(−6.0478)

−0.0119***

(−2.4669)

−0.0101**

(−2.1067)

Ins

−0.0303***

(−4.6174)

−0.0075***

(−4.5936)

Media*Anl

−0.0213*

(−0.5068)

Media*Ins

0.0008

(0.5976)

Anl*Ins

−0.0023**

(−2.0439)

Size

0.0442***

(6.7878)

0.0419***

(6.5328)

0.0425***

(6.6443)

ROE

−0.0372*

(−1.7268)

−0.0422*

(−1.9570)

−0.0399*

(−1.8577)

Lev

−0.1362***

(−3.8408)

−0.1356***

(−3.8360)

−0.1336***

(−3.7873)

Top1

−0.0013***

(−3.4263)

−0.0017***

(−4.4379)

−0.0014***

(−3.6481)

Soe

0.0358***

(2.7092)

0.0340**

(2.3687)

0.0373***

(2.8413)

Year

已控制

已控制

已控制

Ind

已控制

已控制

已控制

c

−1.0458***

(−6.7083)

−1.0043***

(−6.5315)

−1.0086***

(−6.5649)

Adj_R2

0.2134

0.2083

0.2123