| Variable | RD | |||
| The coefficient of | T value | P values | Significant | |
| OCF_sd | −0.005 | −2.21 | 0.027 | ** |
| The SIZE | 0.001 | 2.12 | 0.034 | ** |
| LEV | −0.009 | −4.59 | 0.000 | *** |
| ROA | 0.005 | 0.77 | 0.442 | |
| TURN | 0.005 | 8.64 | 0.000 | *** |
| TBQ | 0.002 | 7.59 | 0.000 | *** |
| CI | 0.000 | 0.04 | 0.965 | |
| AF | 0.002 | 5.33 | 0.000 | *** |
| Constant | −1.217 | −3.01 | 0.003 | *** |
| Industry | Control | |||
| The annual | Control | |||
| Adj R-squared | 0.2578 | |||
| N | 6037 | |||