|
| (1) | (2) | (3) |
| 变量 | TobinQ | IC | TobinQ |
| DIG | 0.047*** | 0.004*** | 0.045*** |
| (0.007) | (0.001) | (0.007) | |
| IC |
|
| 0.422*** |
|
|
| (0.060) | |
| Top | −0.246*** | 0.113*** | −0.293*** |
| (0.070) | (0.008) | (0.070) | |
| Board | −0.006 | 0.000 | −0.006 |
| (0.005) | (0.001) | (0.005) | |
| Lev | −0.552*** | −0.109*** | −0.506*** |
| (0.059) | (0.006) | (0.059) | |
| Soe | 0.032* | −0.005** | 0.034* |
| (0.018) | (0.002) | (0.018) | |
| Size | −0.363*** | 0.028*** | −0.375*** |
| (0.010) | (0.001) | (0.010) | |
| Ba | −0.057*** | 0.011*** | −0.061*** |
| (0.017) | (0.002) | (0.018) | |
| Dual | −0.013 | 0.004** | −0.015 |
| (0.018) | (0.002) | (0.018) | |
| _cons | 10.507*** | 5.838*** | 8.045*** |
| (0.218) | (0.020) | (0.438) | |
| N | 26,093 | 26,093 | 26,093 |
| R2 | 0.2727 | 0.0844 | 0.2744 |
| INDUSTRY | YES | YES | YES |
| YEAR | YES | YES | YES |