(1) ROE

(2) ROE

fund

0.112***

0.099***

(0.011)

(0.011)

asset_turn

9.009***

(0.768)

occupy

−0.162**

(0.068)

num

0.018***

0.016***

(0.003)

(0.002)

lnasset

−4.519***

−3.106***

(0.374)

(0.387)

lev

0.075***

0.057***

(0.013)

(0.013)

growth

0.024***

0.016***

(0.002)

(0.002)

indep

3.014

1.951

(2.581)

(2.527)

dual

0.383

0.294

(0.351)

(0.351)

m_share

0.045**

0.045**

(0.019)

(0.019)

lnpay

1.770***

1.545***

(0.309)

(0.303)

share_1

0.124***

0.128***

(0.023)

(0.022)

share2_10

0.094***

0.103***

(0.018)

(0.017)

lnage

1.520**

1.078

(0.663)

(0.655)

state

−1.747

−1.868*

(1.064)

(1.017)

constant

68.390***

36.709***

(8.338)

(8.784)

year

Y

Y

fixed effect

Y

Y

Observations

10273

10273

R-squared

0.173

0.223

Adjusted R²

0.171

0.222

F test

39.27***

42.10***

Hausman test

512.91***

802.42***