explained variable | NP | ||||
(1) total | (2) Nature = 1 | (3) Nature = 0 | (4) Board = 1 | (5) Board = 0 | |
group | 0.1491 (1.0808) | 0.0712 (0.8602) | 0.2812* (1.8767) | 0.0807 (0.9398) | 0.2069 (1.6366) |
time | 0.1322 (0.7004) | −0.0344 (−0.6439) | 0.1413* (1.6628) | 0.1012* (1.7751) | 0.1053 (1.449) |
did | 0.2085** (2.3570) | 0.2651** (2.2579) | 0.1231 (0.5795) | 0.2664** (2.1835) | 0.1906 (1.0656) |
topsh | −0.0037*** (−2.5879) | (−0.0034**) (−1.9919) | −0.0021 (−0.8142) | −0.0032* (−1.6841) | −0.0024 (−1.1024) |
roa | 3.9988*** (10.0530) | 3.4598*** (7.7894) | 4.4150*** (5.5393) | 3.2037*** (6.1851) | 4.2641*** (7.0472) |
gp | −0.0895*** (−7.2201) | −0.1017*** (−7.5207) | −0.1174*** (−3.4855) | 1.0572*** (6.5581) | 1.2073*** (5.9201) |
lev | 1.2369*** (8.8945) | 1.2882*** (7.8903) | 1.2675*** (4.7620) | 0.1065*** (6.9383) | 0.0446 (1.5046) |
bm | 0.0729** (2.1168) | 0.2737*** (3.9367) | 0.0332 (0.6668) | −0.0687*** (−5.3432) | −0.1059*** (−4.6464) |
age | −0.0190 (−0.5812) | −0.0096 (−0.1230) | −0.0174 (−0.4402) | 0.2444*** (−4.2000) | −0.0196 (−0.3697) |
_cons | 2.8525*** (31.0866) | 3.0270*** (29.1150) | 2.6297*** (13.0695) | 2.4799*** (16.6076) | 2.6849*** (12.3133) |
year | yes | yes | yes | yes | yes |
industry | yes | yes | yes | yes | yes |
N | 9634 | 5922 | 3712 | 4971 | 4663 |
adj.r2 | 0.2282 | 0.2693 | 0.2030 | 0.2482 | 0.2149 |