|
| (1) | (2) |
| RD | RD | |
| SUBR | 0.4620*** | 0.4500*** |
|
| (23.41) | (23.52) |
| Size |
| 0.0026*** |
|
|
| (4.22) |
| Lev |
| −0.0352*** |
|
|
| (−9.83) |
| ROA |
| −0.0987*** |
|
|
| (−11.07) |
| board |
| 0.0008 |
|
|
| (0.24) |
| indep |
| 0.0460*** |
|
|
| (4.32) |
| bm |
| −0.0055*** |
|
|
| (−7.41) |
| listage |
| −0.0091*** |
|
|
| (−8.54) |
| growth |
| −0.0034* |
|
|
| (−2.31) |
| cons | 0.0002 | −0.0374* |
|
| (0.05) | (−2.55) |
| N | 6510 | 6510 |
| R2 | 0.2690 | 0.3177 |
| 年份固定效应 | YES | YES |
| 行业固定效应 | YES | YES |