(1) | (2) | (3) | (4) | (5) | |
---|---|---|---|---|---|
Variables | MVAIC i,t | CEEi,t | HCEi,t | SCEi,t | RCEi,t |
FEM1 | 0.032 | − 0.002 | 0.011 | 0.012 | − 0.003 |
(1.306) | (− 0.098) | (0.414) | (1.430) | (− 0.617) | |
FEM2 | 0.048* | 0.008* | 0.032 | 0.013 | 0.008 |
(1.690) | (1.523) | (1.004) | (1.406) | (0.436) | |
FEM3 | 0.096*** | 0.103*** | 0.045** | 0.036*** | 0.011** |
(2.697) | (2.857) | (2.543) | (3.537) | (2.476) | |
BS | 0.006 | 0.023*** | 0.001 | 0.003 | − 0.014** |
(0.570) | (3.168) | (0.081) | (0.757) | (− 2.026) | |
BI | − 0.490* | 0.120 | − 0.499* | − 0.045 | − 0.097 |
(− 1.862) | (0.661) | (− 1.666) | (− 0.517) | (− 0.553) | |
FS | 0.183*** | − 0.139*** | 0.337*** | − 0.012* | − 0.374*** |
(7.767) | (− 8.830) | (2.699) | (− 1.666) | (− 4.153) | |
CEOD | 0.056** | 0.017 | 0.090*** | 0.009 | − 0.060*** |
(2.291) | (0.982) | (3.225) | (1.105) | (− 3.686) | |
FA | − 0.050*** | 0.009 | − 0.085*** | 0.006* | 0.077*** |
(− 5.827) | (1.497) | (− 8.712) | (1.910) | (13.429) | |
ROA | 0.279*** | 0.384*** | 0.033*** | 0.131** | − 0.436*** |
(2.608) | (5.508) | (3.557) | (2.517) | (− 8.338) | |
LEV | − 0.387*** | 2.021*** | − 0.723*** | 0.032 | 0.689*** |
(− 4.800) | (7.634) | (− 7.907) | (1.209) | (2.943) | |
N | 6,647 | 6,729 | 6,653 | 6,907 | 6,725 |
R2 | 28.9% | 39.9% | 29% | 22.2% | 37.7% |
Year dummy | Yes | Yes | Yes | Yes | Yes |
Industry dummy | Yes | Yes | Yes | Yes | Yes |