		(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	LABELS	CAR3	CAR5	CAR11	BHAR12	BHAR24	BHAR36
							
xq_num	高管连接行权强度（当年及之前）	0.021***	0.024***	0.025***	0.169***	0.189***	0.193***
		(0.002)	(0.002)	(0.003)	(0.007)	(0.011)	(0.028)
							
Observations		3,306	3,306	3,306	3,233	3,233	2,827
R-squared		0.137	0.144	0.151	0.123	0.097	0.099
Adjuested R-squared		0.126	0.132	0.140	0.111	0.0847	0.0853
Robust standard errors in parentheses							
*** p<0.01, ** p<0.05, * p<0.1							
