变量

被解释变量Grenov₁

被解释变量Grenov₂

被解释变量Grenov₃

(1)

(2)

(3)

(4)

(5)

(6)

CEPI

0.235^**

(2.867)

0.194^***

(4.952)

0.186^***

(5.741)

0.159^**

(3.513)

0.214^*

(1.696)

0.187^*

(1.795)

Lev

−0.587

(−0.625)

−0.529

(−0.347)

−0.672

(−0.182)

ROE

0.412^***

(5.376)

0.343^***

(5.897)

0.541^***

(4.364)

Size

0.121^**

(3.476)

0.049^**

(2.025)

0.238^*

(1.726)

Top1

−0.379^**

(−3.098)

−0.226^*

(−1.854)

−0.429^***

(−4.557)

Growth

0.254^***

(4.082)

0.317^**

(2.321)

0.161^***

(5.876)

TobinQ

0.181

(0.567)

0.285

(0.546)

0.156

(0.313)

Caratio

−0.132^***

(−5.567)

−0.116

(−0.22)

−0.127^***

(−4.48)

Age

−0.115

(−0.462)

−0.043

(−0.516)

−0.314

(−0.184)

Constant

9.473^***

(8.667)

5.165^***

(7.316)

6.271^***

(4.823)

3.158^***

(4.734)

8.392^***

(5.447)

6.866^***

(6.023)

Company

No

Yes

No

Yes

No

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

N

11,534

11,534

11,534

11,534

11,534

11,534

R²

0.513

0.528

0.459

0.482

0.352

0.367