(1)

(2)

(3)

变量

Rpt

Rpt

Rpt

全样本

机构投资者持股高样本组

机构投资者持股低样本组

常数项

0.617^***

0.586^***

0.573^***

(11.039)

(7.412)

(7.175)

Academic

−0.016^***

−0.025^***

−0.006

(−4.106)

(−4.197)

(−1.128)

Academic^*INST

−0.075^***

(−4.618)

INST

0.034^***

(4.581)

Size

−0.017^***

−0.017^***

−0.014^***

(−10.867)

(−8.029)

(−5.919)

Lev

0.377^***

0.359^***

0.390^***

(41.602)

(26.698)

(31.497)

ROA

−0.095^***

−0.196^***

−0.019

(−3.662)

(−4.765)

(−0.564)

Cashflow

−0.087^***

−0.050

−0.106^***

(−4.087)

(−1.607)

(−3.547)

Board

−0.037^***

−0.040^***

−0.033^***

(−4.328)

(−3.297)

(−2.644)

Indep

−0.096^***

−0.083^*

−0.097^**

(−3.168)

(−1.906)

(−2.250)

Dual

0.003

−0.007

0.011^**

(0.752)

(−1.328)

(2.366)

SOE

0.025^***

0.034^***

0.008

(6.901)

(7.278)

(1.450)

FirmAge

0.016^***

0.019^***

0.015^***

(3.737)

(2.812)

(2.623)

Gender

0.002

0.015^*

−0.009

(0.370)

(1.729)

(−1.203)

Age

−0.050^***

−0.048^***

−0.053^***

(−4.601)

(−2.905)

(−3.682)

Edca

0.002

0.002

0.002

(1.092)

(0.592)

(1.033)

Ind/Year

未控制

未控制

控制

F

73.39

39.08

39.07

Adj-R²

0.164

0.165

0.165

N

17298

8649

8649

Academic系数差异

−0.019

Chi2

6.18

P-Value

0.012^**