VARIABLES

Std_ROA

Std_TobinQ

Full samples

State-owned

Non-state-owned

Full samples

State-owned

Non-state-owned

rel200

−0.000***

−0.005***

−0.012***

−0.007***

−0.004***

−0.010***

(−3.21)

(−3.01)

(−6.95)

(−2.90)

(−3.96)

(−6.43)

lev

0.038***

0.034***

0.043***

0.328**

0.044

0.705***

(8.98)

(20.97)

(18.38)

(2.32)

(1.00)

(10.09)

lnboard

−0.008**

−0.007***

−0.006**

−0.090

−0.040

0.048

(−2.35)

(−4.20)

(−2.44)

(−0.97)

(−0.95)

(0.64)

growth

0.002***

0.001

0.003***

0.111***

0.078***

0.115***

(4.99)

(1.60)

(6.90)

(7.40)

(6.16)

(7.54)

C_size

−0.010***

−0.007***

−0.015***

−0.365***

−0.242***

−0.548***

(−14.36)

(−25.45)

(−32.94)

(−15.70)

(−33.74)

(−40.57)

seperation

−0.000

−0.000***

−0.000

0.001

0.000

−0.004**

(−1.57)

(−2.84)

(−1.42)

(0.31)

(0.28)

(−2.22)

H10

0.021***

0.026***

−0.004

0.525***

0.530***

0.598***

(4.48)

(13.17)

(−0.82)

(3.88)

(9.87)

(4.38)

age

0.001***

0.001***

0.001***

0.025***

0.015***

0.037***

(3.92)

(9.12)

(5.53)

(4.28)

(6.86)

(9.74)

Year(Ind)

Control

Control

Control

Control

Control

Control

_cons

0.244***

0.182***

0.339***

8.686***

5.921***

12.329***

(15.36)

(28.72)

(33.33)

(16.78)

(34.86)

(40.08)

N

12088

7965

4123

12088

7965

4123

adj. R-sq

0.245

0.216

0.326

0.294

0.221

0.394

t

13.50

14.30

(0.004)

(0.002)