(1)

(2)

Risk

Risk

Entro

0.0033***

0.0036***

(3.2475)

(3.5284)

SOE

−0.0074***

(−7.0513)

Growth

−0.0194***

(−11.7590)

TOP1

−0.0003***

(−9.4428)

lnSize

−0.0035***

(−7.4308)

Debt

0.0010

(0.2161)

Er

0.0058***

(7.2771)

_cons

0.0897***

0.1760***

(17.5637)

(16.8443)

N

16270

16270

adj. R2

0.081

0.108