变量

(1)

(2)

(3)

GTI

Gre Inv

Gre Um

Digital

0.582^***

(4.99)

0.334^***

(4.85)

0.248^***

(3.87)

Roe

−0.784

(−1.05)

−0.179

(−0.4)

−0.605

(−1.47)

Man

−0.657

(−0.71)

−0.123

(−0.23)

−0.534

(−1.05)

Lev

−0.161

(−0.18)

−0.013

(−0.03)

−0.148

(−0.30)

Tobinq

0.146

(1.29)

0.070

(1.05)

0.075

(1.22)

Ind

0.164^***

(4.23)

0.089^***

(3.92)

0.074^***

(3.49)

Con_s

0.216

(0.47)

0.125

(0.46)

0.091

(0.36)

Id Effect

Y

Y

Y

Year Effect

Y

Y

Y

N

751

751

751

R²

0.09

0.11

0.08