模型3

模型4

Explore

Exploit

Fem

1.010**

−1.578***

(2.33)

(−4.29)

Fem2

−1.817***

2.288***

(−2.84)

(3.97)

Fem*CSTR

−0.015

0.029***

(−1.41)

(3.56)

Fem2*CSTR

0.029*

−0.044***

(1.85)

(−3.11)

Roe

0.003

−0.009

(0.53)

(−1.31)

Size

0.009

0.038*

(0.43)

(1.66)

Board

0.013*

−0.011*

(1.91)

(−1.70)

Age

0.028***

−0.028***

(5.60)

(−5.14)

_cons

−0.331

0.160

(−0.75)

(0.36)

N

3171.000

3171.000

r2_a

0.058

0.081

F

10.638

18.761