VARIABLES | u_R | u_Q | ||||
Full sample | State-owned | Non-State-owned | Full sample | State-owned | Non-State-owned | |
rel200 | −0.000*** | −0.000*** | −0.008*** | −0.008*** | −0.006*** | −0.011*** |
| (−2.74) | (−3.60) | (−6.82) | (−3.91) | (−4.60) | (−4.58) |
lev | 0.028*** | 0.020*** | 0.038*** | 0.389** | 0.004 | 0.899*** |
| (6.28) | (9.46) | (12.02) | (2.10) | (0.07) | (8.29) |
lnboard | 0.000 | 0.000 | 0.003 | 0.068 | 0.066 | 0.225* |
| (0.02) | (0.16) | (0.95) | (0.69) | (1.13) | (1.94) |
growth | 0.001* | 0.000 | 0.001 | 0.069*** | 0.065*** | 0.049** |
| (1.66) | (0.72) | (1.14) | (3.71) | (3.73) | (2.06) |
C_size | −0.009*** | −0.006*** | −0.013*** | −0.362*** | −0.201*** | −0.662*** |
| (−13.40) | (−17.72) | (−21.87) | (−10.79) | (−20.44) | (−31.56) |
seperation | −0.000 | −0.000 | −0.000*** | −0.006*** | −0.008*** | −0.001 |
| (−1.30) | (−1.17) | (−2.73) | (−2.85) | (−5.55) | (−0.41) |
H10 | 0.023*** | 0.023*** | 0.031*** | 0.761*** | 0.625*** | 1.071*** |
| (5.38) | (8.58) | (5.07) | (6.50) | (8.48) | (5.05) |
age | 0.000** | 0.000*** | −0.000 | 0.009* | 0.003 | 0.010* |
| (2.09) | (4.23) | (−0.20) | (1.73) | (1.15) | (1.75) |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.205*** | 0.151*** | 0.284*** | 8.189*** | 5.036*** | 13.717*** |
| (15.06) | (18.01) | (20.56) | (13.03) | (21.62) | (28.74) |
N | 12088 | 7965 | 4123 | 12088 | 7965 | 4123 |
adj. R-sq | 0.111 | 0.084 | 0.150 | 0.143 | 0.085 | 0.253 |
t |
| 5.15 |
|
| 4.34 |
|
|
| (0.0274) |
|
| (0.0371) |
|