|
| (1) asset_turn | (2) occupy |
| fund | 0.001*** | −0.007** |
|
| (0.000) | (0.003) |
| num | 0.000*** | 0.000 |
|
| (0.000) | (0.001) |
| lnasset | −0.154*** | 0.141 |
|
| (0.013) | (0.103) |
| lev | 0.002*** | 0.012*** |
|
| (0.000) | (0.003) |
| growth | 0.001*** | −0.001** |
|
| (0.000) | (0.001) |
| indep | 0.123 | 0.285 |
|
| (0.089) | (0.782) |
| dual | 0.010 | 0.018 |
|
| (0.012) | (0.083) |
| m_share | −0.000 | −0.005 |
|
| (0.000) | (0.003) |
| lnpay | 0.025** | 0.002 |
|
| (0.011) | (0.076) |
| share_1 | −0.001 | −0.012** |
|
| (0.001) | (0.005) |
| share2_10 | −0.001 | 0.010** |
|
| (0.001) | (0.005) |
| lnage | 0.051** | 0.107 |
|
| (0.021) | (0.196) |
| state | 0.012 | −0.054 |
|
| (0.029) | (0.380) |
| constant | 3.484*** | −1.826 |
|
| (0.287) | (2.189) |
| year | Y | Y |
| fixed effect | Y | Y |
| Obs | 10273 | 10273 |
| R-squared | 0.187 | 0.017 |
| Adjusted R2 | 0.185 | 0.015 |
| F test | 25.77*** | 3.86*** |
| Hausman test | 276.45*** | 56.98*** |