Variable

Coefficient

T value

P value

POLICY

0.0170

6.5103^***

0.0000

TIME

0.0020

0.9015

0.3674

DID

−0.0102

−2.7862^***

0.0054

TOP1

−0.0742

−9.2226^***

0.0000

TOP10

−0.0834

−9.7612^***

0.0000

CIR

0.0207

4.7869^***

0.0000

SIZE

0.0427

145.1948^***

0.0000

NDTS

0.3757

10.3506^***

0.0000

LIQ

0.0024

12.2383^***

0.0000

CAS

−0.0145

−13.9847^***

0.0000

ROA

0.0151

5.2160^***

0.0000

ASS

0.0533

5.4568^***

0.0000

TAX

−0.0003

−2.0812^**

0.0375