变量

GTI

ENV

Overseas

0.156***

0.939**

(−2.75)

(−2.4)

GTI

0.259***

(−4.38)

Size

−0.0184

0.891***

(−1.33)

(−9.37)

Lev

0.0243

0.749**

(−0.45)

(−2)

ROA

0.113

−0.708

(−1.34)

(−1.21)

Capital

−0.201

−1.655*

(−1.56)

(−1.85)

R&D

0.00185

−0.00197

(−1)

(−0.15)

Board

0.0146***

−0.0299

(−2.65)

(−0.79)

TobinQ

−0.00738*

0.0581**

(−1.83)

(−2.09)

top10

−0.00215***

−0.0472***

(−3.09)

(−9.83)

_cons

0.911***

−12.18***

(−3.15)

(−6.10)

N

16242

16242

R-sq

0.097

0.172

F

86.15

157.1