| 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 |