(1)

(2)

(3)

(4)

(5)

Instrument variable

Variables in executive shareholding and corporate competitive status lagged by one period

PCM

−0.188***

(0.000)

−0.198***

(0.000)

−0.608***

(0.009)

−0.319*

(0.093)

Grow

0.015**

(0.042)

0.017**

(0.018)

0.028***

(0.000)

size

0.339***

(0.000)

0.323***

(0.000)

0.331***

(0.000)

0.368***

(0.000)

0.343***

(0.000)

roa

0.493***

(0.000)

0.251**

(0.014)

0.452***

(0.000)

0.844***

(0.009)

0.383

(0.149)

lev

0.120***

(0.004)

0.132***

(0.002)

0.120***

(0.004)

0.073**

(0.050)

0.052

(0.160)

inv

0.086

(0.184)

0.105

(0.115)

0.108*

(0.096)

0.118*

(0.057)

0.144**

(0.019)

rec

0.109

(0.211)

0.091

(0.306)

0.123

(0.161)

0.198**

(0.025)

0.129

(0.128)

loss

0.025**

(0.017)

0.031***

(0.004)

0.026**

(0.014)

0.009

(0.529)

0.011

(0.422)

ownership

−0.001

(0.984)

−0.008

(0.870)

−0.009

(0.845)

0.031

(0.350)

0.049

(0.136)

change

−0.003

(0.499)

−0.005

(0.225)

−0.005

(0.193)

0.002

(0.745)

0.0002

(0.972)

big4

0.177***

(0.001)

0.173***

(0.003)

0.169***

(0.003)

0.215***

(0.000)

0.215***

(0.000)

register

−0.034

(0.532)

−0.034

(0.544)

−0.033

(0.558)

0.098

(0.156)

0.086

(0.210)

ind

control

control

control

control

control

year

control

control

control

control

control

N

11558

10848

10848

5652

5652

adj. R-sq

0.5322

0.5315

0.5396

0.4749

0.4753