变量

ENV

ENV

Overseas

0.979**

1.381***

(−2.5)

(−3.05)

Overseas×SOE

−1.887*

(−1.96)

SOE

0.583**

(−2.26)

Size

0.887***

0.968***

(−9.32)

(−10.06)

Lev

0.755**

0.662*

(−2.01)

(−1.73)

ROA

−0.679

−0.826

(−1.16)

(−1.20)

Capital

−1.707*

−1.638*

(−1.91)

(−1.71)

RD

−0.00149

0.00186

(−0.12)

(−0.12)

Board

−0.0261

−0.0521

(−0.69)

(−1.33)

TobinQ

0.0562**

0.121***

(−2.02)

(−3.16)

top10

−0.0478***

−0.0473***

(−9.94)

(−9.72)

_cons

−11.94***

−13.79***

(−5.98)

(−6.80)

N

16242

16242

R-sq

0.171

0.173

F

155.1

149.4