(1)

(2)

(3)

(4)

CapD

CapA

CapD

CapA

Academic

0.327^***

0.362^***

(8.372)

(7.519)

AcadmcRT

1.172^***

1.310^***

(9.711)

(9.074)

SIZE

0.483^***

0.507^***

0.488^***

0.512^***

(22.496)

(19.867)

(22.656)

(20.007)

LEV

0.395^***

0.338^**

0.417^***

0.366^**

(3.101)

(2.185)

(3.279)

(2.360)

RDI

12.766^***

11.834^***

12.722^***

11.790^***

(22.851)

(20.662)

(22.808)

(20.562)

BIG4

−0.137

−0.373^***

−0.137

−0.372^***

(−1.551)

(−3.493)

(−1.544)

(−3.490)

ROE

−0.897^***

−1.061^***

−0.893^***

−1.058^***

(−5.467)

(−5.779)

(−5.438)

(−5.748)

SOE

0.347^***

0.218^***

0.341^***

0.212^***

(7.227)

(3.666)

(7.096)

(3.566)

BOARD

−0.017

−0.033

−0.008

−0.024

(−0.201)

(−0.318)

(−0.098)

(−0.236)

AGE

0.016^***

0.015^***

0.015^***

0.014^***

(3.983)

(3.040)

(3.879)

(2.892)

GROWTH

0.170^***

0.112

0.161^***

0.103

(2.964)

(1.601)

(2.805)

(1.465)

_cons

−11.480^***

−14.199^***

−11.581^***

−14.297^***

(−21.288)

(−18.503)

(−21.404)

(−18.571)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

15,429

15,429

15,429

15,429

r2_p

0.119

0.121

0.120

0.122