(1)

(2)

连锁股东

0.162^*

0.083^***

(2.13)

(1.08)

Size

0.460^***

0.429^***

(17.88)

(11.74)

ListAge

0.420^***

0.648^***

(18.66)

(14.27)

ROE

−0.069^*

−0.050

(−1.72)

(−1.14)

Dual

0.004

−0.011

(0.17)

(−0.27)

Opinion

−0.106^**

−0.031

(−2.13)

(−0.33)

Lev

−0.546^***

−0.861^***

(−5.23)

(−5.87)

Loss

0.055^**

0.017

(2.18)

(0.59)

Top10

−0.333^**

−0.159

(−2.38)

(−0.79)

Constant

−8.815^***

−9.887^***

(−16.29)

(−13.45)

Observations

20,664

11,034

Number of id

3041

1241

R-squared

0.298

0.268