模型1-3

模型2-1

模型2-2

模型3-1

模型3-2

模型4-1

模型4-2

F_i,t+2

CSR_i,t

CSR_i,t

PAY_i,t

STO_i,t

F_i,t+2

F_i,t+2

CSR_i,t

0.005^**

0.012^***

0.001^*

0.003

0.004^**

(2.56)

(3.99)

(1.77)

(1.39)

(2.30)

PAY_i,t

2.521^***

0.183^***

(3.99)

(7.05)

STO_i,t

8.260^*

0.683^***

(1.77)

(3.52)

SIZE_i,t

−0.061^***

2.527^***

3.090^***

0.138^***

−0.017^***

−0.087^***

−0.050^***

(−3.66)

(6.50)

(8.05)

(4.98)

(−4.42)

(−5.28)

(−2.94)

HHI5_i,t

0.306^**

20.802^***

19.584^***

−0.432^*

0.077^**

0.385^***

0.253^*

(2.27)

(6.82)

(6.28)

(−1.94)

(2.49)

(2.98)

(1.89)

STATE_i,t

−0.157^***

−0.976

−1.319

−0.411^***

−0.090^***

−0.082^*

−0.095^**

(−3.69)

(−0.94)

(−1.20)

(−5.83)

(−9.22)

(−1.94)

(−2.09)

VOLC_i,t

−0.137^***

3.049^***

2.436^**

−0.147^**

0.038^***

−0.110^***

−0.163^***

(−3.16)

(2.99)

(2.33)

(−2.05)

(3.77)

(−2.65)

(−3.74)

_cons

1.249^***

−67.524^***

−40.886^***

12.265^***

0.404^***

−0.999^**

0.974^***

(3.54)

(−6.11)

(−4.84)

(20.98)

(4.97)

(−2.15)

(2.72)

R²

0.070

0.315

0.297

0.183

0.282

0.156

0.093

Adj.R²

0.061

0.308

0.290

0.174

0.275

0.146

0.082

F

7.459

45.188

41.577

21.994

38.668

15.117

8.422