| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
cashdtrbt | cashdtrbt | yfdtrbt | epydtrbt | cashdtrbt | yfdtrbt | epydtrbt | |
fdi1 | −0.011** | −0.011** | −0.001 | −0.002* |
|
|
|
| (−2.11) | (−2.05) | (−0.92) | (−1.85) |
|
|
|
fdi2 |
|
|
|
| 0.010 | 0.003** | 0.002 |
|
|
|
|
| (1.11) | (2.12) | (1.53) |
roa2 |
| −0.163** | −0.012** | −0.007** | −0.164** | −0.012** | −0.007** |
|
| (−2.54) | (−2.16) | (−2.02) | (−2.54) | (−2.16) | (−2.04) |
size | −0.013*** | −0.009*** | −0.001* | 0.001*** | −0.010*** | −0.001** | 0.001*** |
| (−5.23) | (−3.41) | (−1.90) | (3.43) | (−3.65) | (−2.21) | (3.09) |
ci | 0.010*** | 0.009*** | 0.001*** | 0.000*** | 0.010*** | 0.001*** | 0.000*** |
| (5.18) | (5.13) | (4.58) | (3.72) | (5.13) | (4.59) | (3.75) |
lev | 0.022* | 0.000 | −0.006*** | −0.003* | 0.001 | −0.005*** | −0.003* |
| (1.84) | (0.02) | (−2.84) | (−1.87) | (0.06) | (−2.80) | (−1.82) |
growth | 0.002 | 0.003 | 0.001*** | 0.001*** | 0.002 | 0.001*** | 0.001*** |
| (1.13) | (1.30) | (3.30) | (4.16) | (1.27) | (3.34) | (4.28) |
soe | 0.004 | 0.003 | 0.001* | 0.001 | 0.004 | 0.001** | 0.001 |
| (1.01) | (0.84) | (1.95) | (1.05) | (0.90) | (2.01) | (1.11) |
age | −0.002** | −0.002** | −0.000* | −0.000** | −0.002** | −0.000* | −0.000** |
| (−2.17) | (−2.09) | (−1.84) | (−2.12) | (−2.06) | (−1.83) | (−2.10) |
mngmhldn | −0.002*** | −0.002*** | −0.000*** | −0.000*** | −0.002*** | −0.000*** | −0.000*** |
| (−3.46) | (−3.22) | (−2.97) | (−3.40) | (−2.98) | (−2.79) | (−3.17) |
tobin | 0.004*** | 0.005*** | 0.001*** | 0.001*** | 0.005*** | 0.001*** | 0.001*** |
| (3.68) | (4.15) | (7.17) | (5.43) | (4.03) | (7.04) | (5.27) |
Time effect | yes | yes | yes | yes | yes | yes | yes |
Industry effect | yes | yes | yes | yes | yes | yes | yes |
_cons | 0.411*** | 0.343*** | 0.038*** | −0.009 | 0.338*** | 0.037*** | −0.010 |
| (7.82) | (5.94) | (4.11) | (−1.03) | (5.87) | (3.97) | (−1.16) |
N | 3000 | 3000 | 3000 | 3000 | 3000 | 3000 | 3000 |