(1)

(2)

(3)

Risk

HHI

Risk

Entro

0.0036^***

−2.2618^***

0.0042^***

(3.5284)

(−13.2243)

(4.1074)

HHI

0.0003^***

(5.7564)

SOE

−0.0074^***

0.9622^***

−0.0076^***

(−7.0513)

(5.4916)

(−7.2997)

Growth

−0.0194^***

0.5202^*

−0.0195^***

(−11.7590)

(1.8857)

(−11.8546)

TOP1

−0.0003^***

0.0120^**

−0.0003^***

(−9.4428)

(2.3141)

(−9.5552)

lnSize

−0.0035^***

−0.7355^***

−0.0033^***

(−7.4308)

(−9.4390)

(−6.9926)

Debt

0.0010

−3.3734^***

0.0019

(0.2161)

(−4.4991)

(0.4194)

Er

0.0058^***

0.7989^***

0.0056^***

(7.2771)

(6.0159)

(7.0046)

_cons

0.1760^***

19.6442^***

0.1707^***

(16.8443)

(11.2374)

(16.2900)

N

16270

16270

16270

adj. R²

0.108

0.212

0.110