|
| (1) | (2) | (3) | (4) |
| VARIABLES | SA | SA | SA | SA |
| L.DIFI | −0.213** |
|
|
|
|
| (−2.50) |
|
|
|
| L.DCB |
| 0.300** |
|
|
|
|
| (2.28) |
|
|
| L.DUD |
|
| −0.221*** |
|
|
|
|
| (−4.75) |
|
| L.DSS |
|
|
| −0.033 |
|
|
|
|
| (−1.27) |
| Cash | 0.017** | 0.017** | 0.017** | 0.017** |
|
| (2.30) | (2.28) | (2.32) | (2.29) |
| Growth | −0.001 | −0.001 | −0.001 | −0.001 |
|
| (−0.69) | (−0.69) | (−0.71) | (−0.69) |
| Lev | −0.065*** | −0.065*** | −0.064*** | −0.065*** |
|
| (−11.46) | (−11.46) | (−11.41) | (−11.47) |
| ROA | −0.062*** | −0.062*** | −0.062*** | −0.062*** |
|
| (−7.83) | (−7.85) | (−7.91) | (−7.82) |
| top 1 | 0.106*** | 0.105*** | 0.105*** | 0.106*** |
|
| (6.63) | (6.56) | (6.59) | (6.61) |
| bm | −0.041*** | −0.041*** | −0.041*** | −0.041*** |
|
| (−10.00) | (−10.04) | (−10.04) | (−10.00) |
| opinion | −0.001 | −0.001 | −0.001 | −0.001 |
|
| (−0.33) | (−0.31) | (−0.31) | (−0.33) |
| board | −0.019*** | −0.019*** | −0.019*** | −0.019*** |
|
| (−4.39) | (−4.37) | (−4.43) | (−4.37) |
| balance3 | 0.003 | 0.002 | 0.002 | 0.003 |
|
| (1.49) | (1.42) | (1.43) | (1.48) |
| Constant | −3.650*** | −3.774*** | −3.646*** | −3.694*** |
|
| (−144.25) | (−113.20) | (−208.42) | (−250.76) |
| 个体固定 | YES | YES | YES | YES |
| 时间固定 | YES | YES | YES | YES |
| Observations | 8851 | 8851 | 8851 | 8851 |
| R-squared | 0.979 | 0.979 | 0.979 | 0.979 |