模型1-1

模型2-1

Explore

Exploit

Fem

0.476

−0.580**

(1.64)

(−2.11)

Fem2

−0.828**

0.821**

(−1.98)

(2.15)

Roe

0.002

−0.007

(0.44)

(−1.07)

Size

0.012

0.033

(0.55)

(1.40)

Board

0.013*

−0.012*

(1.92)

(−1.87)

Age

0.030***

−0.033***

(5.97)

(−6.39)

_cons

−0.370

0.270

(−0.85)

(0.59)

N

3171.000

3171.000

r2_a

0.057

0.077

F

11.739

20.038