国企组

非国企组

absDA

absDA

Dig

−0.001*

−0.002***

(−2.106)

(−4.347)

Size

−0.002**

0.004***

(−2.712)

(7.710)

ROA

−0.052*

0.048**

(−2.447)

(2.964)

ROE

−0.031***

−0.138***

(−3.430)

(−16.529)

REC

0.007

0.054***

(1.101)

(12.160)

BM

−0.002**

−0.009***

(−3.202)

(−12.292)

Big4

−0.006**

−0.007**

(−3.119)

(−3.108)

_cons

0.096***

−0.020

(7.452)

(−1.769)

N

9200.000

17713.000

r2

0.070

0.095

ind

Yes

Yes

year

Yes

Yes