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

0.0558^*

0.0236

0.1709^*

0.0036

(1.7813)

(1.4648)

(1.8847)

(0.1012)

Lnsize

0.0064

0.0005

0.0549

0.0212

(0.3066)

(0.0781)

(1.4251)

(1.1502)

Lev

−0.0815

−0.0304

−0.2323

−0.0734

(−1.0272)

(−0.7724)

(−1.4927)

(−0.9728)

ATO

0.1492^**

0.0745^**

0.1727^*

0.1174^**

(2.5172)

(2.4622)

(1.9199)

(2.2867)

Cashflow

−0.2951^*

−0.0619

−0.6750^***

0.0994

(−1.8109)

(−0.6323)

(−3.1798)

(0.6418)

Growth

−0.0003

−0.0000

0.0015^***

−0.0001^***

(−1.1612)

(−0.2357)

(3.4085)

(−2.7302)

Board

−0.0046

−0.0280

−0.0426

0.0625

(−0.1544)

(−0.5680)

(−0.6926)

(0.7058)

Indep

−0.0298

−0.0397

−0.1977

0.1707

(−0.3235)

(−0.3257)

(−0.7804)

(0.6781)

Top10

−0.0102

−0.1469^**

−0.0438

−0.1152

(−0.2515)

(−2.0576)

(−0.4648)

(−1.2106)

Dual

−0.0128

0.0025

−0.0021

−0.0032

(−1.1031)

(0.2163)

(−0.0967)

(−0.1546)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Constant

0.0003

0.1892

0.0644

−0.1401

(0.0031)

(1.3140)

(0.2670)

(−0.5474)

Observations

101

101

101

101

R-squared

0.341

0.283

0.556

0.269