| (1) | (2) | (3) |
| ds | ds | ds |
VC | −0.0316** |
|
|
| (0.0185) |
|
|
Vcnature1 |
| −0.1968*** |
|
|
| (0.0000) |
|
Vcnature2 |
| −0.2439*** |
|
|
| (0.0000) |
|
unite |
| −0.0449* |
|
|
| (0.0672) |
|
investage |
|
| −0.2428*** |
|
|
| (0.0000) |
ifstage |
|
| −0.1186*** |
|
|
| (0.0043) |
hightech | 0.1243*** | 0.2142*** | 0.2190*** |
| (0.0000) | (0.0000) | (0.0000) |
boards | −0.2722** | −0.4985** | −0.3314 |
| (0.0276) | (0.0150) | (0.1141) |
bshare | −0.0088* | −0.0126* | −0.0186** |
| (0.0745) | (0.0860) | (0.0269) |
size | 0.0388*** | 0.0578*** | 0.0611*** |
| (0.0003) | (0.0006) | (0.0004) |
roa | −0.7804*** | −0.7440*** | −0.7483*** |
| (0.0000) | (0.0017) | (0.0017) |
growth | −0.0551*** | −0.0996*** | −0.0792*** |
| (0.0006) | (0.0002) | (0.0026) |
lev | 0.2028*** | 0.1355* | 0.0936 |
| (0.0000) | (0.0809) | (0.2375) |
industry | Control | ||
year | Control | ||
_cons | 0.1811 | −0.0095 | −0.1755 |
| (0.4349) | (0.9791) | (0.6413) |
N | 2628 | 1188 | 1170 |
adj. R-sq | 0.050 | 0.103 | 0.086 |