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)