股权集中度

股权制衡度

管理层持股

SUBR

0.9770^***

0.4420^***

0.3020^***

(14.17)

(22.85)

(14.36)

T

−1.9480^***

(−7.99)

B2

0.0764^*

(2.16)

M

1.4170^***

(15.59)

ROA

−0.0942^***

−0.0965^***

−0.1010^***

(−10.58)

(−10.81)

(−11.59)

board

0.0005

0.0004

0.0026

(0.15)

(0.11)

(0.81)

indep

0.0469^***

0.0459^***

0.0470^***

(4.43)

(4.32)

(4.51)

bm

−0.0054^***

−0.0054^***

−0.0058^***

(−7.42)

(−7.37)

(−8.02)

listage

−0.0098^***

−0.0087^***

−0.0068^***

(−9.23)

(−8.06)

(−5.93)

growth

−0.0039^**

−0.0037^*

−0.0036^*

(−2.65)

(−2.48)

(−2.52)

cons

−0.0346^*

−0.0358^*

−0.0511^***

(−2.37)

(−2.45)

(−3.51)

N

6510

6510

6510

R²

0.3268

0.3190

0.3447

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES