variables

(1)

(2)

(3)

(4)

Top1

Big10

High

Low

Yes

No

inf_a

−0.055

−0.133**

−0.169***

0.016

(−0.87)

(−2.28)

(−3.22)

(0.22)

std_a

−0.003

−0.095

−0.002

−0.104

(−0.04)

(−1.36)

(−0.04)

(−1.21)

size

0.135***

0.100***

0.129***

0.116***

(5.52)

(3.77)

(5.91)

(3.70)

lev

−0.805***

−0.571***

−0.544***

−0.774***

(−5.42)

(−3.99)

(−4.22)

(−4.56)

roa

−2.161***

−0.880

−1.593***

−1.495**

(−4.34)

(−1.57)

(−3.45)

(−2.40)

bm

0.013

0.028

−0.011

0.073***

(0.71)

(1.03)

(−0.63)

(2.80)

turnover

−0.403***

−0.448***

−0.308***

−0.602***

(−4.82)

(−5.06)

(−4.14)

(−6.05)

age

−0.075**

−0.010

−0.059*

−0.074

(−2.06)

(−0.25)

(−1.79)

(−1.65)

soe

0.254***

0.199***

0.256***

0.178***

(5.01)

(3.90)

(6.03)

(2.97)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

1635

1435

1944

1126

adj. R²

0.35

0.37

0.37

0.36