(1)

(2)

(3)

Risk2

HHI

Risk2

Dyh_entro

0.0064^***

−2.2618^***

0.0075^***

(3.4657)

(−13.2243)

(4.0640)

HHI

0.0005^***

(5.9389)

SOE

−0.0128^***

0.9622^***

−0.0133^***

(−6.8101)

(5.4916)

(−7.0668)

Growth

−0.0338^***

0.5202^*

−0.0341^***

(−11.4303)

(1.8857)

(−11.5290)

TOP1

−0.0005^***

0.0120^**

−0.0005^***

(−9.3005)

(2.3141)

(−9.4167)

lnSize

−0.0063^***

−0.7355^***

−0.0060^***

(−7.5636)

(−9.4390)

(−7.1120)

Debt

0.0005

−3.3734^***

0.0022

(0.0635)

(−4.4991)

(0.2731)

Er

0.0107^***

0.7989^***

0.0103^***

(7.5043)

(6.0159)

(7.2237)

_cons

0.3242^***

19.6442^***

0.3144^***

(17.3027)

(11.2374)

(16.7321)

N

16270

16270

16270

adj. R²

0.116

0.212

0.118