| Panel A | Panel B | ||
| Lnpay 3 | turnover | ||
| social trust | −0.139*** | social trust | −0.119** |
| (−13.42) | (−2.13) | ||
| roe | 0.499*** | social trust_r | 0.839** |
| (6.88) | (1.98) | ||
| social trust_r | −0.001*** | roe | −0.691** |
| (−4.17) | (−2.21) | ||
| size | 0.257*** | size | 0.017 |
| (37.89) | (0.60) | ||
| mb | 0.275*** | mb | −0.235*** |
| (15.10) | (−2.66) | ||
| logfirmage | −0.010 | logfirmage | 0.260*** |
| (−0.82) | (4.15) | ||
| dual | 0.081*** | dual | −0.571*** |
| (6.33) | (−7.61) | ||
| indpdr1 | 0.002* | indpdr1 | −0.000 |
| (1.92) | (−0.03) | ||
| boardsize | 0.027*** | boardsize | −0.043** |
| (7.37) | (−2.53) | ||
| lev_t | −0.359*** | lev_t | 0.375** |
| (−10.77) | (2.44) | ||
| capex_at | 0.506*** | capex_at | 0.019 |
| (4.70) | (0.04) | ||
| eshared | −0.095** | eshared | −0.024 |
| (−2.37) | (−0.09) | ||
| audoptyp | −0.031 | audoptyp | 0.465*** |
| (−0.82) | (3.38) | ||
| herfendal10 | −0.359*** | herfendal10 | 0.229 |
| (−7.68) | (1.02) | ||
| _cons | 7.687*** | _cons | −2.203*** |
| (53.46) | (−3.61) | ||
| years | controlled | years | con-trolled |
| industries | con-trolled | industries | con-trolled |
| N | 13,391 | N | 13,404 |
| adj. R-sq | 0.366 | adj. R-sq | 0.029 |