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