| Std_ROA | Std_TobinQ | ||||
rel100 | −0.0005*** |
|
| −0.0088* |
|
|
| (−2.92) |
|
| (−1.85) |
|
|
rel200 |
| −0.0003*** |
|
| −0.0067*** |
|
|
| (−3.21) |
|
| (−2.90) |
|
rel300 |
|
| −0.0002*** |
|
| −0.0035** |
|
|
| (−3.46) |
|
| (−2.49) |
lev | 0.0380*** | 0.0383*** | 0.0381*** | 0.3253** | 0.3277** | 0.3266** |
| (8.94) | (8.98) | (8.95) | (2.29) | (2.32) | (2.32) |
lnboard | −0.0078** | −0.0078** | −0.0077** | −0.0868 | −0.0895 | −0.0858 |
| (−2.34) | (−2.35) | (−2.32) | (−0.94) | (−0.97) | (−0.93) |
growth | 0.0024*** | 0.0024*** | 0.0024*** | 0.1116*** | 0.1113*** | 0.1116*** |
| (4.94) | (4.99) | (5.00) | (7.36) | (7.40) | (7.41) |
age | 0.0008*** | 0.0008*** | 0.0008*** | 0.0256*** | 0.0253*** | 0.0248*** |
| (4.02) | (3.92) | (3.77) | (4.33) | (4.28) | (4.21) |
C_size | −0.0098*** | −0.0098*** | −0.0098*** | −0.3644*** | −0.3652*** | −0.3645*** |
| (−14.25) | (−14.36) | (−14.28) | (−15.59) | (−15.70) | (−15.65) |
seperation | −0.0001* | −0.0001 | −0.0001 | 0.0005 | 0.0007 | 0.0006 |
| (−1.65) | (−1.57) | (−1.64) | (0.24) | (0.31) | (0.25) |
H10 | 0.0214*** | 0.0207*** | 0.0208*** | 0.5378*** | 0.5248*** | 0.5261*** |
| (4.64) | (4.48) | (4.49) | (3.99) | (3.88) | (3.90) |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.2419*** | 0.2438*** | 0.2436*** | 8.6334*** | 8.6858*** | 8.6687*** |
| (15.20) | (15.36) | (15.35) | (16.65) | (16.78) | (16.72) |
N | 12088 | 12088 | 12088 | 12088 | 12088 | 12088 |
adj. R-sq | 0.244 | 0.245 | 0.246 | 0.292 | 0.294 | 0.293 |