Variable | state-owned enterprise lev | non-state-owned enterprises lev | large enterprise lev | medium sized enterprises lev |
L.lev | 0.7961*** (0.0202) | 0.8093*** (0.0125) | 0.8266*** (0.0176) | 0.8033*** (0.0202) |
finstr | −0.0054*** (0.0017) | −0.0052** (0.0022) | −0.0063*** (0.0013) | −0.0020 (0.0028) |
Enterprise characteristic control variables | YES | YES | YES | YES |
Macroeconomic control variables | YES | YES | YES | YES |
Firm-fixed effect | YES | YES | YES | YES |
Time-fixed effect | YES | YES | YES | YES |
observed values | 14101 | 22074 | 18085 | 18090 |
AR (1) | 0.007 | 0.004 | 0.006 | 0.003 |
AR (2) | 0.257 | 0.646 | 0.723 | 0.286 |
Hansen Test | 11.01 | 11.31 | 12.08 | 12.11 |