(1)

(1)

连锁股东

−0.921

11.605^***

(−0.46)

(4.24)

Size

8.359^***

15.639^***

(7.90)

(14.73)

ListAge

11.738^***

11.156^***

(9.15)

(13.68)

ROE

−1.046

−2.795^*

(−1.30)

(−1.73)

Dual

−0.740

1.579

(−0.62)

(1.46)

Opinion

−5.766^*

0.159

(−1.91)

(0.08)

Lev

−10.094^***

−10.500^***

(−2.72)

(−2.67)

Loss

−0.991

1.779^**

(−1.09)

(1.98)

Top10

1.036

−34.365^***

(0.18)

(−6.05)

Constant

−182.167^***

−307.531^***

(−8.57)

(−14.23)

Observations

6367

25,751

Number of id

1353

3759

R-squared

0.166

0.225