(1)

(2)

(3)

(4)

VARIABLES

SA

SA

SA

SA

DIFI

−0.297^***

(−3.82)

DCB

0.244^**

(2.02)

DUD

−0.229^***

(−5.54)

DSS

−0.066^**

(−2.52)

Cash

0.007

0.007

0.007

0.007

(0.87)

(0.89)

(0.91)

(0.87)

Growth

−0.002

−0.002

−0.002

−0.002

(−0.94)

(−0.94)

(−0.95)

(−0.93)

Lev

−0.081^***

−0.081^***

−0.080^***

−0.081^***

(−15.02)

(−15.00)

(−14.90)

(−15.05)

ROA

−0.044^***

−0.044^***

−0.044^***

−0.044^***

(−4.96)

(−4.96)

(−5.04)

(−4.96)

top1

0.114^***

0.113^***

0.112^***

0.114^***

(7.76)

(7.73)

(7.65)

(7.77)

bm

−0.025^***

−0.025^***

−0.025^***

−0.025^***

(−6.25)

(−6.24)

(−6.31)

(−6.23)

opinion

−0.003

−0.003

−0.003

−0.003

(−1.01)

(−1.01)

(−0.93)

(−1.02)

board

−0.021^***

−0.020^***

−0.021^***

−0.020^***

(−4.99)

(−4.97)

(−5.03)

(−4.96)

balance3

0.004^***

0.004^**

0.004^**

0.004^***

(2.64)

(2.56)

(2.49)

(2.64)

Constant

−3.601^***

−3.741^***

−3.617^***

−3.659^***

(−150.44)

(−116.10)

(−218.88)

(−257.66)

个体固定

YES

YES

YES

YES

时间固定

YES

YES

YES

YES

Observations

10,153

10,153

10,153

10,153

R-squared

0.976

0.976

0.976

0.976