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 |