tbc

tbc

tbc

tbc

tbc

tbc

SEA

0.118***

(3.490)

SEA_N

0.118***

(3.490)

SEA_P

0.707***

(4.100)

mix

0.241***

(4.350)

educetio

0.0802

(1.510)

wor

0.103***

(2.260)

cor

0.164***

(3.6)

ecor

0.0663* (1.910)

riskb

4.969***

(12.99)

lnsize

−0.921***

(−53.25)

−0.922***

(−53.32)

−0.922***

(−53.32)

−0.922***

(−53.30)

−0.921***

(−53.23)

−0.886***

(−51.57)

grouth

0.0000344

(0.490)

3.45e

05(0.490)

3.39e−05

(0.490)

3.43e−05

(0.490)

3.43e−05

(0.490)

3.27e−05

(0.460)

roundb

0.161***

(5.290)

0.161***

(5.300)

0.161***

(5.300)

0.161***

(5.310)

0.161***

(5.300)

0.154***

(5.150)

debt

0.0296

(−0.350)

−0.0289 (−0.340)

−0.0287

(−0.340)

−0.0249

(−0.290)

−0.0291

(−0.340)

−0.133

(−1.580)

cost

0.537***

(14.32)

0.538***

(14.34)

0.537***

(14.34)

0.538***

(14.34)

0.536***

(14.30)

0.530***

(14.17)

Mpeople

0.00130

(0.260)

2.33e−05

(0)

0.00431

(0)

0.000753

(0.150)

0.00163

(0.330)

0.00242

(0.500)

DDZB

1.140***

(4.860)

1.136***

(4.840)

1.119***

(4.840)

1.136***

(4.840)

1.127***

(4.800)

1.140***

(4.900)

lnast1

−0.000810

(−0.360)

−0.000775

(−0.340)

−0.000733

(−0.340)

−0.000852

(−0.370)

−0.000707

(−0.310)

−0.000324

(−0.140)

persentage_

0.610***

(5.280)

0.613***

(5.320)

0.610***

(5.320)

0.614***

(5.330)

0.608***

(5.270)

0.607***

(5.360)

ONE

0.0135

(0.450)

0.0135

(0.450)

0.0129

(0.450)

0.0129

(0.430)

0.0142

(0.470)

0.0166

(0.550)

lninc

0.295***

(12)

0.293***

(11.88)

0.290***

(11.88)

0.293***

(11.89)

0.294***

(11.92)

0.306***

(12.64)

date

5.848

(0.660)

5.746

(0.650)

6.142

(0.650)

6.277

(0.710)

5.87

(0.670)

3.037

(0.360)

year

YES

YES

YES

YES

YES

YES

industry

YES

YES

YES

YES

YES

YES

N

14418

14418

14418

14418

14418

14418