Variable | (1) | (2) | (3) | (4) |
ISO | 0.117*** | 0.115*** | 0.351*** | 0.108*** |
| (4.087) | (4.165) | (11.960) | (3.946) |
Bm |
| 0.193*** | 0.135*** | 0.185*** |
|
| (18.770) | (12.561) | (17.949) |
Top1 |
| 0.643*** | 0.186** | 0.560*** |
|
| (7.701) | (2.078) | (6.683) |
Dual |
| 0.070** | 0.138*** | 0.036 |
|
| (2.461) | (4.445) | (1.280) |
Indep |
| 1.241*** | 1.434*** | 1.222*** |
|
| (5.023) | (5.308) | (4.948) |
Board |
| 0.490*** | 0.494*** | 0.522*** |
|
| (6.995) | (6.552) | (7.487) |
Growth |
| −0.005 | 0.032 | 0.0001 |
|
| (−0.157) | (1.018) | (0.003) |
Roa |
| 3.215*** | 2.213*** | 2.961*** |
|
| (15.418) | (9.759) | (14.274) |
Lev |
| 1.025*** | 0.982*** | 1.082*** |
|
| (14.072) | (12.699) | (14.972) |
_cons | 1.075*** | −1.520*** | −1.388*** | −1.549*** |
| (76.341) | (−7.154) | (−6.026) | (−7.301) |
Year Fixed Effect | Yes | Yes | Yes | Yes |
Industry Fixed Effect | Yes | Yes | No | Yes |
Province Fixed Effect | Yes | No | Yes | Yes |
Observations | 9940 | 9940 | 9940 | 9940 |
R2 | 0.232 | 0.296 | 0.167 | 0.321 |