(1)

(2)

(3)

股权集中度

股权制衡度

管理层持股

SUBR

0.9770^***

0.4420^***

0.3020^***

(0.0687)

(0.0193)

(0.0210)

T

−1.9480^***

(0.2440)

B2

0.0764^**

(0.0352)

M

1.4170^***

(0.0906)

Size

0.0027^***

0.0024^***

0.0027^***

(0.0006)

(0.0006)

(0.0006)

Lev

−0.0346^***

−0.0345^***

−0.0325^***

(0.0036)

(0.0036)

(0.0035)

ROA

−0.0942^***

−0.0965^***

−0.101^***

(0.0089)

(0.0089)

(0.0088)

board

0.0005

0.0004

0.0026

(0.0032)

(0.0032)

(0.0032)

indep

0.0469^***

0.0459^***

0.0470^***

(0.0106)

(0.0106)

(0.0104)

bm

−0.0054^***

−0.0054^***

−0.0058^***

(0.0007)

(0.0007)

(0.0007)

listage

−0.0098^***

−0.0087^***

−0.0068^***

(0.0011)

(0.0011)

(0.0012)

growth

−0.0039^***

−0.0037^**

−0.0036^**

(0.0015)

(0.0015)

(0.0014)

cons

−0.0346^**

−0.0358^**

−0.0511^***

(0.0145)

(0.0146)

(0.0145)

N

6510

6510

6510

R²

0.327

0.319

0.345

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES