变量

当期

滞后一期

滞后二期

滞后三期

滞后四期

CSRi,t

0.001

0.003*

0.005**

0.004**

0.002

(0.60)

(1.68)

(2.56)

(2.09)

(0.66)

SIZEi,t

−0.061***

−0.054***

−0.061***

−0.059***

−0.054*

(−5.12)

(−3.76)

(−3.66)

(−3.03)

(−1.89)

HHI5i,t

0.422***

0.251**

0.306**

0.371**

0.504**

(4.23)

(2.10)

(2.27)

(2.29)

(2.14)

STATEi,t

−0.144***

−0.167***

−0.157***

−0.152***

−0.126*

(−4.42)

(−4.35)

(−3.69)

(−3.01)

(−1.72)

VOLCi,t

−0.125***

−0.142***

−0.137***

−0.086*

−0.026

(−4.10)

(−3.85)

(−3.16)

(−1.69)

(−0.35)

_cons

1.301***

1.171***

1.249***

1.173***

1.043*

(5.26)

(3.90)

(3.54)

(2.83)

(1.73)

R2

0.076

0.066

0.070

0.072

0.058

Adj.R2

0.070

0.058

0.061

0.058

0.029