排名较高组

排名较低组

排名较高组

排名较低组

DA

DA

REM

REM

SI_Cost

−0.0394^**

0.0310

−0.0779^*

−0.0228

(−2.3164)

(0.6407)

(−1.9495)

(−0.2533)

Lnsize

0.0155

−0.0233

0.0238

−0.0018

(1.3672)

(−1.4849)

(0.9026)

(−0.0600)

Lev

−0.1788^**

−0.1570^**

−0.4888^***

−0.1787

(−2.4855)

(−2.1113)

(−3.1432)

(−1.2688)

ATO

0.1259^**

0.0319

0.2284^***

0.1704^**

(2.5366)

(0.7095)

(2.7953)

(2.1284)

Cashflow

−0.6824^***

−0.6523^***

−0.7103^**

−0.0298

(−2.6917)

(−2.7536)

(−2.0117)

(−0.0895)

Growth

−0.0005^***

0.1254^***

0.0014^***

0.1689^***

(−2.9896)

(8.0601)

(4.4408)

(5.1172)

Board

−0.0238

0.0280

0.1717

0.0623

(−0.5573)

(0.4314)

(1.6184)

(0.6589)

Indep

−0.1146

0.2822

0.6310^*

–0.2154

(−0.5610)

(0.8787)

(1.7190)

(–0.5003)

Top10

−0.0302

0.0502

0.1000

0.1681

(−0.5314)

(0.5911)

(0.5749)

(1.0539)

Dual

−0.0132

0.0075

0.0474

0.0523^*

(−0.8060)

(0.3676)

(1.1788)

(1.6672)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Constant

0.1994

−0.0327

−0.5027

−0.0791

(1.2005)

(−0.1353)

(−1.4998)

(−0.2328)

Observations

183

183

183

183

R-squared

0.244

0.554

0.163

0.564