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 |