变量

(1)

(2)

(3)

(4)

KV

KV

KV

KV

非国有企业

国有企业

两职分离

两职合一

IL

−0.176***

0.056

−0.135***

−0.194***

(−7.83)

(0.89)

(−5.19)

(−4.87)

lnsize

−0.008

−0.110

−0.024

−0.020

(−0.23)

(−1.50)

(−0.61)

(−0.36)

lev

−0.142

−0.019

−0.138

−0.043

(−1.22)

(−0.06)

(−0.96)

(−0.29)

Top1

1.097***

0.570

0.839***

2.060***

(4.09)

(1.48)

(3.24)

(4.41)

Msh

−0.037

−0.050

−0.042

0.003

(−0.68)

(−0.67)

(−0.72)

(0.03)

Indepen

0.286

1.163

0.407

0.571

(0.71)

(1.40)

(0.93)

(0.91)

Board

0.014

0.381

0.084

0.081

(0.11)

(1.10)

(0.52)

(0.36)

growth

−0.002

0.004

0.006

−0.006**

(−0.38)

(0.46)

(0.93)

(−2.01)

Reps

0.146***

0.218***

0.158***

0.170***

(5.84)

(3.09)

(4.29)

(4.97)

Big4

0.018

−0.095

0.027

−0.141

(0.17)

(−0.63)

(0.29)

(−0.66)

ROA

−0.049

−2.683***

−0.324*

0.054

(−0.47)

(−3.66)

(−1.70)

(0.43)

Age

0.391***

−0.129

0.184***

0.464***

(6.65)

(−0.79)

(2.60)

(5.02)

Constant

−0.600

2.024

−0.454

0.257

(−0.62)

(1.07)

(−0.40)

(0.19)

R-squared

0.189

0.186

0.159

0.215

year FE

YES

YES

YES

YES

industry FE

YES

YES

YES

YES

Observations

7202

1754

6076

3100