|
| (1) | (2) | (3) | (4) |
| VARIABLES | SA | SA | SA | SA |
| L2.DIFI | −0.203** |
|
|
|
|
| (−1.97) |
|
|
|
| L2.DCB |
| 0.178 |
|
|
|
|
| (1.25) |
|
|
| L2.DUD |
|
| −0.167*** |
|
|
|
|
| (−3.44) |
|
| L2.DSS |
|
|
| −0.014 |
|
|
|
|
| (−0.50) |
| Cash | 0.014** | 0.014** | 0.014** | 0.014** |
|
| (2.00) | (1.96) | (2.00) | (1.97) |
| Growth | −0.000 | −0.000 | −0.000 | −0.000 |
|
| (−0.37) | (−0.37) | (−0.37) | (−0.37) |
| Lev | −0.043*** | −0.042*** | −0.042*** | −0.043*** |
|
| (−7.06) | (−7.05) | (−7.00) | (−7.06) |
| ROA | −0.053*** | −0.053*** | −0.053*** | −0.053*** |
|
| (−7.56) | (−7.59) | (−7.60) | (−7.56) |
| top 1 | 0.086*** | 0.085*** | 0.085*** | 0.086*** |
|
| (5.04) | (4.99) | (5.01) | (5.03) |
| bm | −0.042*** | −0.042*** | −0.042*** | −0.042*** |
|
| (−10.19) | (−10.23) | (−10.22) | (−10.21) |
| opinion | −0.002 | −0.002 | −0.002 | −0.002 |
|
| (−0.94) | (−0.95) | (−0.93) | (−0.95) |
| board | −0.013*** | −0.013*** | −0.013*** | −0.013*** |
|
| (−3.12) | (−3.11) | (−3.12) | (−3.12) |
| balance3 | 0.001 | 0.001 | 0.001 | 0.001 |
|
| (0.68) | (0.64) | (0.63) | (0.67) |
| Constant | −3.689*** | −3.777*** | −3.697*** | −3.734*** |
|
| (−132.86) | (−113.48) | (−213.17) | (−248.05) |
| 个体固定 | YES | YES | YES | YES |
| 时间固定 | YES | YES | YES | YES |
| Observations | 7616 | 7616 | 7616 | 7616 |
| R-squared | 0.984 | 0.984 | 0.984 | 0.984 |