(1)

(2)

(3)

(4)

CFR1

CFR1

CFR1

CFR1

Constant

1.732338^***

1.746577^***

1.72752^***

1.748788^***

(3.00475)

(3.044064)

(2.995151)

(3.046455)

CHAIRPCINDEX

−0.325005

−0.577372

(−0.422224)

(−0.620999)

CEOPCINDEX

−0.817529

−1.175469

(−0.366406)

(−0.427233)

CHAIR*PRI

0.793494^*

(1.74532)

CEO*PRI

1.039044^*

(1.72836)

BM

−0.076057

−0.075192

−0.078376

−0.074963

(−0.470814)

(−0.465582)

(−0.484831)

(−0.464005)

LNASSET

−0.079019^***

−0.079703^***

−0.078531^***

−0.079717^***

(−3.00285)

(−3.04649)

(−2.9813)

(−3.046011)

LEVERAGE

−0.000429^*

−0.000427^*

−0.000428^*

−0.000426^*

(−1.73665)

(−1.729319)

(−1.730768)

(−1.723678)

TQ

0.020096^*

0.019996^*

0.020038^*

0.019942^*

(1.700283)

(1.692818)

(1.694787)

(1.687367)

PRIVATE

0.106593^*

0.105375^*

0.117046^*

0.109979^*

(1.764342)

(1.744362)

(1.823974)

(1.721822)

YEAR_1

0.079864

0.077047

0.080435

0.076505

(0.880079)

(0.853549)

(0.886067)

(0.846963)

YEAR_2

0.013809

0.010738

0.011098

0.010137

(0.154006)

(0.119851)

(0.123492)

(0.113044)

YEAR_3

0.14915

0.148611

0.148362

0.148862

(1.59597)

(1.590443)

(1.586874)

(1.592495)

YEAR_4

0.034429

0.033703

0.034132

0.033451

(0.387327)

（0.379154）

(0.383874)

(0.376157)