Variables	(1)		(2)
Variables	Coefficient	Z value	Coefficient	Z value
Unrelate			1.140***	3.13
Related	0.000	0.000	−0.001	−0.02
Dual	0.061	0.88	0.06	0.86
Property	−0.471***	−5.99	−0.481***	−6.11
First	−0.002	−0.75	−0.002	−0.94
Lndep	0.252	0.4	0.272	0.43
Board	−0.011	−0.53	−0.013	−0.61
ESH	−0.26	−1.52	−0.261	−1.52
Overcon	−0.162	−0.56	−0.234	−0.81
Cash	−0.245	−0.95	−0.233	−0.91
Intang	−0.621	−1.11	−0.509	−0.91
Tobinq	0.01	0.27	0.003	0.08
OCF	−5.021***	−2.58	−4.950**	−2.54
Size	−0.031	−0.87	−0.033	−0.92
ROA	0.071	0.04	−0.032	−0.02
Lev	−0.104	−0.4	−0.131	−0.51
Growth	−0.132	−1.12	−0.13	−1.11
Accrual	−4.807**	−2.46	−4.727**	−2.42
FC	−0.038	−1.47	−0.037	−1.46
Bedrivers	−0.306**	−2.52	−0.286**	−2.36
_cons	1.184	1.48	1.193	1.49
N	7464		7464
chi2	225.058		234.322