|
| (1) | (2) | (3) |
| 变量 | Rpt | Rpt | Rpt |
| 常数项 | 0.185*** | 0.654*** | 0.574*** |
| (111.121) | (12.734) | (10.526) | |
| Academic | −0.035*** | −0.010*** | −0.015*** |
| (−8.698) | (−2.610) | (−3.709) | |
| Size |
| −0.017*** | −0.016*** |
|
| (−11.829) | (−10.342) | |
| Lev |
| 0.345*** | 0.376*** |
|
| (39.708) | (41.473) | |
| ROA |
| −0.138*** | −0.090*** |
|
| (−5.364) | (−3.476) | |
| Cashflow |
| −0.043** | −0.085*** |
|
| (−2.065) | (−3.967) | |
| Board |
| −0.063*** | −0.037*** |
|
| (−7.297) | (−4.235) | |
| Indep |
| −0.126*** | −0.098*** |
|
| (−4.092) | (−3.237) | |
| Dual |
| 0.004 | 0.003 |
|
| (1.046) | (0.742) | |
| SOE |
| 0.021*** | 0.027*** |
|
| (6.193) | (7.693) | |
| FirmAge |
| 0.023*** | 0.016*** |
|
| (6.115) | (3.738) | |
| Gender |
| 0.007 | 0.003 |
|
| (1.197) | (0.455) | |
| Age |
| −0.037*** | −0.049*** |
|
| (−3.378) | (−4.475) | |
| Edca |
| −0.000 | 0.002 |
|
| (−0.247) | (1.238) | |
| Ind/Year | 未控制 | 未控制 | 控制 |
| F | 75.66 | 209.4 | 75.84 |
| Adj-R2 | 0.004 | 0.135 | 0.163 |
| N | 17,298 | 17,298 | 17,298 |