VARIABLES |
模型1 |
模型2 |
模型3 |
rd |
rd |
rd |
|
roa |
−8.250*** |
−8.293*** |
−8.046*** |
(−6.67) |
(−6.71) |
(−6.53) |
|
fix |
1.116*** |
1.118*** |
1.124*** |
(11.62) |
(11.64) |
(11.72) |
|
size |
−0.055 |
−0.062 |
−0.060 |
(−0.55) |
(−0.62) |
(−0.60) |
|
lev |
−3.305*** |
−3.273*** |
−3.254*** |
(−6.56) |
(−6.49) |
(−6.48) |
|
age |
−0.030 |
−0.046 |
−0.180 |
(−0.11) |
(−0.17) |
(−0.67) |
|
dirnum |
−0.210 |
−0.168 |
−0.257 |
(−0.38) |
(−0.30) |
(−0.46) |
|
irrnum |
−1.300 |
−1.230 |
−1.419 |
(−0.79) |
(−0.75) |
(−0.87) |
|
inc |
0.346* |
0.395** |
|
(1.88) |
(2.11) |
||
HHI_C |
−9.196*** |
||
(−4.19) |
|||
incHHI_C |
−6.965** |
||
(−2.03) |
|||
Constant |
7.935*** |
7.711*** |
8.746*** |
(3.40) |
(3.30) |
(3.75) |
|
Observations |
1780 |
1780 |
1780 |
Number of code |
830 |
830 |
830 |
R2 |
0.1760 |
0.1753 |
0.1709 |
Wald chi2 |
258.58 |
262.26 |
283.97 |
Company FE |
YES |
YES |
YES |
Year FE |
YES |
YES |
YES |