| (1) | (2) | (3) |
RD1 | RD | RD | |
SUBR | 0.0138* | 0.450*** |
|
| (0.0078) | (0.0191) |
|
L.SUBR |
|
| 0.3000*** |
|
|
| (0.0188) |
Size | 0.0002 | 0.0026*** | 0.0026*** |
| (0.0002) | (0.0006) | (0.0006) |
Lev | 0.0058*** | −0.0352*** | −0.0353*** |
| (0.0015) | (0.0036) | (0.0038) |
ROA | 0.0315*** | −0.0987*** | −0.0903*** |
| (0.0036) | (0.0089) | (0.0092) |
board | 0.0031** | 0.0008 | 0.0023 |
| (0.0013) | (0.0032) | (0.0034) |
indep | 0.0135*** | 0.0460*** | 0.0490*** |
| (0.0043) | (0.0106) | (0.0111) |
bm | −0.0031*** | −0.0055*** | −0.0054*** |
| (0.0003) | (0.0007) | (0.0007) |
listage | −0.0010** | −0.0091*** | −0.0102*** |
| (0.0004) | (0.0011) | (0.0012) |
growth | −0.0014** | −0.0034** | −0.0083*** |
| (0.0006) | (0.0015) | (0.0017) |
cons | −0.0071 | −0.0374** | −0.0348** |
| (0.0060) | (0.0146) | (0.0151) |
N | 6510 | 6510 | 5580 |
R2 | 0.2446 |
| 0.3107 |
年份固定效应 | YES | YES | YES |
行业固定效应 | YES | YES | YES |