| ARETURN | 0.016** | 0.016** |
|
| (0.01) | (0.01) |
| SHRCR2 | 0.001*** | 0.001*** |
|
| (0.00) | (0.00) |
| LIANG | 0.00900 | 0.0100 |
|
| (0.01) | (0.01) |
| PAY | −0.011** | −0.011** |
|
| (0.00) | (0.00) |
| LNAGE | −0.023*** | −0.023*** |
|
| (0.00) | (0.00) |
| SOE | −0.00500 | −0.00500 |
|
| (0.01) | (0.01) |
| cons | −0.289*** | −0.289*** |
|
| (0.07) | (0.07) |
| YEAR | Control | |
| IND | Control | |
| N | 5613 | 5613 |
| R2 | 0.177 | 0.180 |
| Adjusted-R2 | 0.171 | 0.174 |
| F | 31.57 | 32.13 |