Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

VARIABLES

Independence

Top1

0.0206***

0.0215***

0.0052**

(3.5582)

(3.6359)

(2.5562)

Z10

0.0027**

0.0041***

0.0011***

(2.3241)

(3.4224)

(2.7739)

L.Independence

0.7445***

0.7445***

(87.3618)

(87.4653)

Size

0.0042***

0.0010***

0.0048***

0.0012***

(4.1000)

(2.9872)

(4.7173)

(3.4409)

Leverage

−0.0082**

−0.0024

−0.0087**

−0.0025

(−1.9907)

(−1.4403)

(−2.0987)

(−1.4999)

Growth

−0.0001

−0.0006

0.0002

−0.0005

(−0.0864)

(−0.8992)

(0.2958)

(−0.8021)

Roa

−0.0496***

−0.0137**

−0.0462***

−0.0127**

(−4.8244)

(−2.2151)

(−4.4914)

(−2.0728)

Supsize

−0.0206***

−0.0062***

−0.0205***

−0.0061***

(−5.0856)

(−4.3097)

(−5.0617)

(−4.2809)

Duality

0.0079***

0.0031***

0.0079***

0.0031***

(4.0264)

(3.9303)

(4.0360)

(3.9206)

Excuratio

0.0248***

0.0024

0.0252***

0.0026

(3.1365)

(0.8038)

(3.1825)

(0.8650)

TobinQ

0.0027***

0.0007***

0.0029***

0.0007***

(5.8936)

(3.2793)

(6.2569)

(3.5109)

Firmage

0.0012

−0.0004

−0.0003

−0.0008

(1.0118)

(−0.7741)

(−0.2274)

(−1.5558)

Fcf

0.0043

0.0046*

0.0042

0.0044*

(1.4016)

(1.7903)

(1.3496)

(1.7160)

CEO_tenture

−0.0006

0.0005

−0.0007

0.0005

(−1.0644)

(1.6267)

(−1.2031)

(1.5567)

Retstd

0.0042

0.0033

0.0027

0.0029

(0.4830)

(0.5207)

(0.3163)

(0.4605)

State

−0.0001

−0.0000

0.0001

−0.0000

(−0.0431)

(−0.0369)

(0.0611)

(−0.0112)

ST

0.0052*

0.0042**

0.0054*

0.0042**

(1.7777)

(2.1820)

(1.8705)

(2.2015)

Constant term

0.3617***

0.3004***

0.0832***

0.3653***

0.2929***

0.0811***

(45.3859)

(13.4347)

(9.9028)

(46.1815)

(13.0405)

(9.6268)

Year fixed effect

Control

Control

Control

Control

Control

Control

Industry fixed effect

Control

Control

Control

Control

Control

Control

Number of samples

20,865

20,865

17,449

20,865

20,865

17,449

Adjust R²

0.0315

0.0541

0.5752

0.0296

0.0535

0.5753