L.RD

L.RD

L.RD

SUBR

0.5080^***

0.2700^***

0.2260^***

(0.0986)

(0.0241)

(0.0243)

T

−0.7730^**

(0.3360)

B2

0.2400^***

(0.0443)

M

2.3600^***

(0.2090)

Size

0.0013^*

0.0008

0.0012^*

(0.0007)

(0.0007)

(0.0007)

Lev

−0.0347^***

−0.0340^***

−0.0326^***

(0.0040)

(0.0040)

(0.0040)

ROA

−0.0781^***

−0.0804^***

−0.0844^***

(0.0099)

(0.0098)

(0.0097)

board

−0.0017

−0.0012

0.0003

(0.0036)

(0.0036)

(0.0036)

indep

0.0458^***

0.0455^***

0.0435^***

(0.0118)

(0.0118)

(0.0117)

bm

−0.0040^***

−0.0039^***

−0.0042^***

(0.0008)

(0.0008)

(0.0008)

listage

−0.0091^***

−0.0085^***

−0.0064^***

(0.0013)

(0.0013)

(0.0014)

growth

0.0155^***

0.0155^***

0.0159^***

(0.0018)

(0.0018)

(0.0018)

cons

0.0026

0.0035

−0.0155

(0.0162)

(0.0162)

(0.0162)

N

5580

5580

5580

R²

0.277

0.278

0.292

年份固定效应

YES

YES

YES

行业固定效应

YES

YES

YES