变量

(1)

(2)

(3)

Invest

Value

Value

$du$

0.016

0.016

0.163

0.164

0.142

0.142

(2.064)

(2.094)

(2.218)

(2.232)

(1.932)

(1.948)

$dt$

0.018^***

0.027^***

0.190^***

0.195^***

0.167^***

0.159^**

(3.516)

(3.978)

(4.040)

(3.075)

(3.536)

(2.499)

$du\times dt$

0.010^**

0.011^**

0.045^**

0.046^**

0.031^**

0.033^**

(0.978)

(0.989)

(0.446)

(0.465)

(0.312)

(0.329)

Invest

1.309^***

1.301^***

(3.007)

(2.978)

Size

−0.001^*

−0.001^*

0.106^***

0.106^***

0.106^***

0.106^***

(−0.109)

(−0.031)

(7.847)

(7.876)

(7.932)

(7.949)

Lev

−0.001^*

−0.001^*

−0.065^***

−0.646^***

−0.624^***

−0.064^***

(−0.879)

(−0.764)

(−9.318)

(−9.240)

(−9.269)

(−9.207)

Cash

−0.098^***

−0.094^***

0.726^***

0.787^***

0.855^***

0.910^***

(−3.171)

(−3.015)

(2.501)

(2.699)

(2.940)

(3.115)

Board

0.022^***

0.021^**

−2.717^***

−0.281^***

−0.301^***

−0.309^***

(2.118)

(2.014)

(−2.779)

(−2.874)

(−3.088)

(−3.167)

Ins

0.029^*

0.028^*

0.369^**

0.361^**

0.330^*

0.324^*

(1.498)

(1.463)

(2.010)

(1.973)

(1.812)

(1.780)