(1)

(2)

(3)

变量

Rpt

Rpt

Rpt

全样本

实现绝对控股样本组

未实现绝对控股样本组

常数项

0.185^***

0.654^***

0.574^***

(111.121)

(12.734)

(10.526)

Academic

−0.012^***

−0.004

−0.024^***

(−3.060)

(−0.702)

(−4.240)

Academic^*Top1

0.056^**

(1.993)

Top1

0.116^***

(10.475)

Size

−0.017^***

−0.017^***

−0.016^***

(−11.396)

(−8.015)

(−7.170)

Lev

0.377^***

0.392^***

0.359^***

(41.750)

(30.120)

(28.150)

ROA

−0.120^***

−0.102^**

−0.086^**

(−4.634)

(−2.506)

(−2.537)

Cashflow

−0.095^***

−0.050^*

−0.143^***

(−4.448)

(−1.718)

(−4.477)

Board

−0.029^***

−0.028^**

−0.036^***

(−3.359)

(−2.338)

(−2.879)

Indep

−0.098^***

−0.125^***

−0.045

(−3.251)

(−3.030)

(−0.996)

Dual

0.001

0.001

0.003

(0.425)

(0.237)

(0.606)

SOE

0.020^***

0.024^***

0.022^***

(5.677)

(4.894)

(4.073)

FirmAge

0.022^***

0.030^***

0.005

(5.007)

(5.125)

(0.806)

Gender

0.003

0.012

−0.010

(0.614)

(1.561)

(−1.165)

Age

−0.047^***

−0.011

−0.085^***

(−4.368)

(−0.705)

(−5.441)

Edca

0.003

0.003

0.003

(1.639)

(1.323)

(0.981)

Ind/Year

未控制

未控制

控制

F

76.42

44.00

36.16

Adj-R²

0.170

0.170

0.168

N

17298

9477

7821

Academic系数差异

0.020

Chi2

7.19

P-Value

0.007^***