explained variable

NP

(1)

total

(2)

nature = 1

(3)

nature = 0

(4)

board = 1

(5)

board = 0

group

0.0257

(0.3494)

0.0381

(0.0428)

0.0966

(0.2473)

0.0359

(0.0428)

0.0524

(0.4197)

time

0.0723**

(2.4139)

0.1021*

(1.8079)

0.0825***

(3.0398)

0.0003

(0.0091)

0.0700

(1.4900)

did

0.2137**

(2.9435)

0.1624

(0.7569)

0.2891**

(2.1507)

0.2587**

(2.1629)

0.1995

(1.4848)

topsh

−0.1047**

(−2.3624)

−0.1205

(−1.1455)

−0.1033***

(−2.8553)

−0.0482

(−0.9670)

−0.1971**

(−2.5032)

roa

4.5084***

(16.1035)

4.8925***

(8.6393)

5.6706***

(22.8139)

3.3478***

(9.2841)

4.8129***

(11.0279)

gp

1.4535***

(13.5299)

0.6272***

(3.0471)

1.2122***

(10.1011)

1.1081***

(6.1263)

1.3643***

(8.1150)

lev

−0.1040***

(−4.4574)

0.1099***

(3.1865)

−0.2735***

(−6.4993)

−0.4062***

(−5.9623)

−0.0923***

(−3.1617)

bm

0.0748***

(3.1963)

−0.0724

(−1.3124)

0.0959***

(4.1036)

0.3766***

(8.6522)

−0.0073

(−0.1815)

age

2.4733***

(35.1588)

17.7164***

(84.2474)

17.0731***

(237.6207)

2.1176***

(21.7986)

2.7654***

(20.1121)

_cons

0.0257

(0.3494)

0.0381

(0.0428)

0.0966

(0.2473)

0.0359

(0.0428)

0.0524

(0.4197)

year

yes

yes

yes

yes

yes

industry

yes

yes

yes

yes

yes

N

9634

5922

3712

4971

4663

adj.r2

0.1729

0.1472

0.1828

0.1992

0.1599