(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***