Variable

Coefficient estimates

The threshold parameter (share 1)

The threshold parameter (lev)

Size

4.343***

(16.70)

2.189***

(9.43)

lev

−0.703***

(−101.22)

−0.776***

(−115.38)

inde

−0.0872*

(−1.76)

−0.0374

(−0.87)

jsize

3.169***

(2.98)

1.831*

(1.96)

bm

0.299***

(4.36)

0.119**

(1.98)

roa

−0.238***

(−9.38)

−0.188***

(−8.38)

Share-1

0.343***

(6.41)

−0.499***

(−21.61)

Share-2

0.134***

(4.03)

−0.173***

(−8.65)

Share-3

0.0528**

(2.03)

0.140***

(6.72)

c

−72.91***

(−12.31)

−8.878*

(−1.72)

R2（within）

0.755

0.799