被解释变量

R2

R3

R

R

(1)

(2)

(3)

(4)

Debt

−0.018^***

−0.010^***

(−4.835)

(−5.182)

Debt2

−0.012^***

(−5.223)

Debt3

−0.008^***

(−3.054)

Fix

−0.028^***

−0.010^***

−0.019^***

−0.020^***

(−5.647)

(−4.051)

(−6.291)

(−6.655)

Cfo

−0.036^***

−0.001

−0.003

0.000

(−3.422)

(−0.103)

(−0.356)

(0.061)

Sale

−0.025^***

0.009^***

0.012^***

0.012^***

(−16.416)

(9.115)

(9.421)

(9.123)

Age

−0.017^***

−0.006^***

−0.011^***

−0.011^***

(−7.063)

(−5.416)

(−7.449)

(−7.550)

TBQ

0.005^***

0.003^***

0.004^***

0.004^***

(12.785)

(12.351)

(13.117)

(12.470)

Board

−0.004

−0.000

0.001

0.001

(−1.008)

(−0.133)

(0.230)

(0.280)

_cons

0.113^***

0.032^***

0.046^***

0.047^***

(10.436)

(6.089)

(6.650)

(6.778)

N

8366

8366

8366

8366

Adj-R²

0.419

0.397

0.382

0.381

Year&Ind&Prov FE

YES

YES

YES

YES