ARETURN

0.016**

0.016**

(0.01)

(0.01)

SHRCR2

0.001***

0.001***

(0.00)

(0.00)

LIANG

0.00900

0.0100

(0.01)

(0.01)

PAY

−0.011**

−0.011**

(0.00)

(0.00)

LNAGE

−0.023***

−0.023***

(0.00)

(0.00)

SOE

−0.00500

−0.00500

(0.01)

(0.01)

cons

−0.289***

−0.289***

(0.07)

(0.07)

YEAR

Control

IND

Control

N

5613

5613

R2

0.177

0.180

Adjusted-R2

0.171

0.174

F

31.57

32.13