Dual

−0.017

−0.013

−0.019

(−0.60)

(−0.40)

(−0.65)

Msh

−0.035

−0.015

−0.039

(−0.82)

(−0.30)

(−0.93)

Indepen

0.554

0.471

0.558

(1.58)

(1.08)

(1.57)

Board

0.116

0.081

0.103

(0.98)

(0.55)

(0.87)

growth

−0.001

0.001

0.000

(−0.25)

(0.15)

(0.03)

Reps

0.141***

0.136***

0.136***

(6.36)

(5.28)

(5.75)

Big4

0.003

0.057

0.007

(0.04)

(0.54)

(0.08)

ROA

−0.062

−0.174

−0.078

(−0.63)

(−1.34)

(−0.67)

Age

0.248***

0.468***

0.330***

(4.66)

(7.34)

(6.16)

Constant

1.456***

−0.463

−1.703

−0.061

(3.47)

(−0.54)

(−1.54)

(−0.07)

R-squared

0.158

0.174

0.172

0.201

年份

控制

控制

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行业

控制

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Observations

10,909

9176

7907

9176