Table 2.
Basic results.
| Model 1 | Model 2 | Model 3 | |
|---|---|---|---|
| DF | 0.031*** (3.913) | 0.018*** (16.116) | 0.029*** (3.646) |
| Size | 1.225*** (10.859) | 0.494*** (4.728) | |
| ROE | 0.003* (1.792) | 0.001 (0.960) | |
| Lev | −0.001 (−0.170) | −0.003 (−0.590) | |
| SOE | 0.015*** (9.346) | 0.005 (1.624) | |
| Tobin's Q | −0.005*** (−9.171) | 0.000 (0.421) | |
| Age | 0.013*** (6.287) | −0.006 (−0.878) | |
| Balance | 0.006*** (5.163) | −0.002 (−1.564) | |
| Board | 0.010*** (2.757) | −0.001 (−0.158) | |
| INST | 0.040*** (11.900) | 0.004 (1.109) | |
| Cash | −0.009*** (−3.086) | 0.003 (0.985) | |
| Constant | 0.150*** (25.669) | 0.086*** (8.619) | 0.165*** (7.657) |
| Firm FE | Yes | No | Yes |
| Year FE | Yes | No | Yes |
| N | 7964 | 7964 | 7964 |
| R2 | 0.259 | 0.197 | 0.262 |
Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.