	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
VARIABLES	NTC	NTC	LAP	LAP	NTC	NTC	LAP	LAP
								
DID	-0.0070751	0.0026308	0.0001341	0.0068468	-0.0119769	-0.0044865	-0.0072908	-0.0022799
	(-0.650)	(0.240)	(0.011)	(0.537)	(-1.105)	(-0.417)	(-1.145)	(-0.361)
Size		0.0099776		-0.0219063**		-0.0284858		-0.0141169*
		(0.815)		(-2.205)		(-1.587)		(-1.764)
Lev		0.1573134***		-0.0211611		0.1486020***		0.0263707
		(4.578)		(-0.652)		(2.837)		(1.171)
ROA		0.0371904		-0.0687007**		-0.1137985*		-0.0546459**
		(1.256)		(-2.220)		(-1.845)		(-2.126)
FirmAge		0.2388418**		0.0911939		0.0752887		0.0212491
		(2.548)		(1.064)		(0.586)		(0.307)
FIXED		0.0665496		-0.0378101		-0.0004283		0.0263884
		(1.029)		(-0.741)		(-0.006)		(0.724)
ATO		-0.0091210		-0.0514476***		-0.0320961		-0.0466063***
		(-0.490)		(-3.313)		(-1.388)		(-4.196)
Board		-0.0405056		0.0326621		0.0101157		-0.0099551
		(-1.304)		(0.862)		(0.209)		(-0.431)
Indep		-0.1393954		0.2506241**		-0.1087533		0.1245994
		(-1.340)		(2.037)		(-0.762)		(1.616)
Dual		-0.0075671		0.0195507***		-0.0057021		0.0079336
		(-0.976)		(2.991)		(-0.546)		(1.484)
Top1		0.0298320		-0.0517758		0.0203098		-0.0851241*
		(0.401)		(-0.974)		(0.197)		(-1.667)
Constant	-0.0418201***	-0.8529767**	0.0506028***	0.1663009	0.0102828*	0.4071561	0.0540986***	0.3177472
	(-12.492)	(-2.168)	(12.064)	(0.486)	(1.959)	(0.774)	(18.850)	(1.207)
								
Observations	2,035	2,027	2,030	2,022	3,279	3,268	3,671	3,657
R-squared	0.020	0.067	0.006	0.050	0.287	0.304	0.002	0.037
Number of id	509	501	508	500	855	844	872	858
年份固定效应	YES	YES	YES	YES	YES	YES	YES	YES
个体固定效应	YES	YES	YES	YES	YES	YES	YES	YES
Robust t-statistics in parentheses								
*** p<0.01, ** p<0.05, * p<0.1								
