| (1) asset_turn | (2) occupy |
fund | 0.001*** | −0.007** |
| (0.000) | (0.003) |
num | 0.000*** | 0.000 |
| (0.000) | (0.001) |
lnasset | −0.154*** | 0.141 |
| (0.013) | (0.103) |
lev | 0.002*** | 0.012*** |
| (0.000) | (0.003) |
growth | 0.001*** | −0.001** |
| (0.000) | (0.001) |
indep | 0.123 | 0.285 |
| (0.089) | (0.782) |
dual | 0.010 | 0.018 |
| (0.012) | (0.083) |
m_share | −0.000 | −0.005 |
| (0.000) | (0.003) |
lnpay | 0.025** | 0.002 |
| (0.011) | (0.076) |
share_1 | −0.001 | −0.012** |
| (0.001) | (0.005) |
share2_10 | −0.001 | 0.010** |
| (0.001) | (0.005) |
lnage | 0.051** | 0.107 |
| (0.021) | (0.196) |
state | 0.012 | −0.054 |
| (0.029) | (0.380) |
constant | 3.484*** | −1.826 |
| (0.287) | (2.189) |
year | Y | Y |
fixed effect | Y | Y |
Obs | 10273 | 10273 |
R-squared | 0.187 | 0.017 |
Adjusted R2 | 0.185 | 0.015 |
F test | 25.77*** | 3.86*** |
Hausman test | 276.45*** | 56.98*** |