Variable

(1)

(2)

(3)

(4)

ISO

0.117***

0.115***

0.351***

0.108***

(4.087)

(4.165)

(11.960)

(3.946)

Bm

0.193***

0.135***

0.185***

(18.770)

(12.561)

(17.949)

Top1

0.643***

0.186**

0.560***

(7.701)

(2.078)

(6.683)

Dual

0.070**

0.138***

0.036

(2.461)

(4.445)

(1.280)

Indep

1.241***

1.434***

1.222***

(5.023)

(5.308)

(4.948)

Board

0.490***

0.494***

0.522***

(6.995)

(6.552)

(7.487)

Growth

−0.005

0.032

0.0001

(−0.157)

(1.018)

(0.003)

Roa

3.215***

2.213***

2.961***

(15.418)

(9.759)

(14.274)

Lev

1.025***

0.982***

1.082***

(14.072)

(12.699)

(14.972)

_cons

1.075***

−1.520***

−1.388***

−1.549***

(76.341)

(−7.154)

(−6.026)

(−7.301)

Year Fixed Effect

Yes

Yes

Yes

Yes

Industry Fixed Effect

Yes

Yes

No

Yes

Province Fixed Effect

Yes

No

Yes

Yes

Observations

9940

9940

9940

9940

R²

0.232

0.296

0.167

0.321