(1)

(2)

(3)

(4)

over

absEM

absEM

absEM

con

0.0071***

0.0053**

0.0052**

(3.31)

(2.58)

(2.54)

over

0.0077***

0.0076***

(2.79)

(2.80)

LN_a

−0.0141***

−0.0047***

−0.0041***

−0.0041***

(−10.64)

(−3.60)

(−3.05)

(−3.08)

Lev

0.0001

0.0010***

0.0010***

0.0010***

(1.48)

(3.52)

(3.51)

(3.53)

ROA

0.0001**

0.0003

0.0003

0.0003

(2.00)

(1.15)

(1.14)

(1.13)

ReceiR

−0.0171*

0.0023

0.0034

0.0030

(−1.72)

(0.10)

(0.15)

(0.14)

Netprofit

2.05e−13

−2.23e−13

−2.36e−13

−2.31e−13

(1.40)

(−1.08)

(−1.16)

(−1.12)

Tq

0.0019**

0.0113***

0.0112***

0.0112***

(2.02)

(8.17)

(8.12)

(8.14)

Stateshr

−0.0001***

0.0002

0.0002

0.0002

(−2.71)

(1.33)

(1.32)

(1.34)

_cons

0.4529***

0.1065***

0.0942***

0.0902***

(16.09)

(3.57)

(2.98)

(2.91)

N

14141

14297

14297

14297