lag one phase

recent

Invest1

Invest1

Invest1

Invest1

shuji

0.00828**

0.000321

(0.00344)

(0.00353)

shizhang

0.000698

0.00393

(0.00295)

(0.00337)

cash

0.0893***

0.0898***

0.0898***

0.0904***

(0.0292)

(0.0291)

(0.0292)

(0.0291)

assetdebt

0.0921**

0.0916**

0.0917**

0.0917**

(0.0455)

(0.0454)

(0.0456)

(0.0453)

growth

−0.0977**

−0.0974**

−0.0975**

−0.0974**

(0.0418)

(0.0416)

(0.0418)

(0.0416)

roa

0.00131***

0.00130***

0.00130***

0.00130***

(0.000187)

(0.000187)

(0.000187)

(0.000187)

occupy

−0.345***

−0.347***

−0.347***

−0.348***

(0.0864)

(0.0863)

(0.0863)

(0.0863)

managefee

−0.430***

−0.430***

−0.430***

−0.431***

(0.0908)

(0.0907)

(0.0907)

(0.0907)

gdp

0.0899**

0.0888**

0.0890**

0.0893**

(0.0421)

(0.0421)

(0.0420)

(0.0421)

_cons

0.124***

0.132***

0.133***

0.128***

(0.0150)

(0.0147)

(0.0154)

(0.0154)

year

control

control

control

control

ind

control

control

control

control

adj. R2

0.071

0.071

0.071

0.071

N

5175

5175

5175

5175