	Inst	Inst	Inst	Inst	Inst	Inst
Num_cam	0.3147**	0.3159**
Num_cam	(0.0407)	(0.0352)
Freq_num	4.5896**		3.8531**
Freq_num	(0.0157)		(0.0252)
Freq_per	29.4710			1.4411
Freq_per	(0.4090)			(0.9655)
Freq_spe	0.1046				0.3791
Freq_spe	(0.7570)				(0.2459)
The Form	0.2182					0.1903
The Form	(0.3018)					(0.3685)
$I n s t_{t - 1}$	0.8411***	0.8406***	0.8413***	0.8409***	0.8400***	0.8407***
$I n s t_{t - 1}$	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Lev	0.5245	0.5082	0.6118	0.6138	0.5726	0.6315
Lev	(0.4437)	(0.4581)	(0.3758)	(0.3742)	(0.4048)	(0.3598)
Eps	0.1833	0.1362	0.0993	0.0945	0.1187	0.1137
Eps	(0.4431)	(0.5697)	(0.6778)	(0.6973)	(0.6224)	(0.6399)
The Size	0.4234***	0.4228***	0.3791***	0.3883***	0.3958***	0.3931***
The Size	(0.0001)	(0.0001)	(0.0003)	(0.0002)	(0.0002)	(0.0002)
Ocfps	0.0116	0.0131	0.0136	0.0175	0.0181	0.0209
Ocfps	(0.8274)	(0.8089)	(0.7992)	(0.7461)	(0.7394)	(0.6995)
Price	0.0094	0.0082	0.0082	0.0080	0.0077	0.0087
Price	(0.4785)	(0.5453)	(0.5390)	(0.5575)	(0.5702)	(0.5196)
Divi	0.1756	0.1758	0.2056	0.1984	0.1675	0.2020
Divi	(0.4642)	(0.4593)	(0.3857)	(0.4027)	(0.4829)	(0.3946)
The State	0.4805**	0.5018**	0.4621**	0.4717**	0.4708**	0.4601**
The State	(0.0198)	(0.0146)	(0.0249)	(0.0224)	(0.0224)	(0.0263)
Opi	0.8002	0.8593	0.8657	0.9296	0.9394	0.9459
Opi	(0.4061)	(0.3813)	(0.3850)	(0.3570)	(0.3529)	(0.3485)
measure	0.2421	0.1605	0.1572	0.1890	0.2087	0.2514
measure	(0.3443)	(0.5053)	(0.5136)	(0.4376)	(0.3835)	(0.3063)
_cons	6.9240***	7.2785***	6.6828***	7.2418***	7.5205***	7.3209***
_cons	(0.0017)	(0.0010)	(0.0022)	(0.0009)	(0.0006)	(0.0009)
Industry	Yes	Yes	Yes	Yes	Yes	Yes
N	1031	1031	1031	1031	1031	1031
Adj. R-sq	0.785	0.784	0.784	0.783	0.783	0.783