| 变量 | (1) | (2) |
|---|---|---|
| Branch_Numj,t-1 | Diversity_Entroi,t | |
| Populationj,t-1 | 6.768 0*** (52.98) | |
| Predicted Branch_Numj,t-1 | 0.002 8* (1.73) | |
| Sizei,t-1 | 0.216 4** (2.13) | 0.046 6*** (6.41) |
| Leveragei,t-1 | -0.871 5 (-1.36) | 0.040 9 (1.07) |
| ROAi,t-1 | 2.914 0* (1.68) | -0.435 0*** (-4.77) |
| Growthi,t-1 | 0.110 3 (0.74) | -0.000 2 (-0.03) |
| Top1i,t-1 | 1.244 2* (1.70) | -0.162 9*** (-3.37) |
| Dualityi,t-1 | 0.157 1 (0.64) | -0.004 1 (-0.31) |
| Boardi,t-1 | -0.018 6 (-0.46) | -0.001 9 (-0.71) |
| Independencei,t-1 | -1.636 7 (-1.08) | -0.029 5 (-0.35) |
| GDP_Perj,t-1 | 0.631 7*** (20.54) | 0.003 6* (1.65) |
| 常数项 | -48.163 8*** (-20.80) | -0.213 7 (-1.30) |
| 行业固定效应 | 已控制 | 已控制 |
| 年度固定效应 | 已控制 | 已控制 |
| 观测值数量 | 19 441 | 19 441 |
| 调整R2 | 0.498 | 0.091 |
| Underidentification test: Kleibergen-Paap rk LM stat (p value) | 781.082(0.000) | |
| Weak identification test: F stat | 2 806.491 | |
