(1)

(2)

(3)

(4)

CapD

CapA

CapD

CapA

Academic

0.345^***

0.376^***

(12.232)

(10.882)

AcadmcRT

1.203^***

1.305^***

(13.177)

(11.926)

SIZE

0.430^***

0.447^***

0.434^***

0.452^***

(29.295)

(25.363)

(29.605)

(25.623)

LEV

0.415^***

0.521^***

0.421^***

0.529^***

(4.715)

(4.840)

(4.779)

(4.907)

RDI

11.085^***

10.348^***

11.055^***

10.300^***

(29.917)

(27.815)

(29.813)

(27.652)

BIG4

−0.067

−0.376^***

−0.065

−0.374^***

(−1.089)

(−4.989)

(−1.055)

(−4.966)

ROE

−0.841^***

−0.858^***

−0.832^***

−0.851^***

(−7.695)

(−7.010)

(−7.616)

(−6.946)

SOE

0.371^***

0.231^***

0.360^***

0.219^***

(10.989)

(5.446)

(10.695)

(5.180)

BOARD

0.048

0.103

0.056

0.111

(0.818)

(1.432)

(0.950)

(1.531)

AGE

0.020^***

0.015^***

0.019^***

0.014^***

(7.018)

(4.400)

(6.878)

(4.228)

GROWTH

0.128^***

0.114^**

0.126^***

0.112^**

(3.171)

(2.365)

(3.122)

(2.318)

_cons

−10.717^***

−13.474^***

−10.811^***

−13.565^***

(−29.863)

(−26.886)

(−30.066)

(−27.006)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

31320

31320

31320

31320

r2_p

0.115

0.120

0.115

0.120