Non-SOEs

SOEs

DEBT

LnEPU

−0.010043***

(−3.34)

−0.012559***

(−3.59)

−0.001025

(−0.32)

−0.001383

(−0.33)

MIXTONE * LnEPU

0.142348***

(4.05)

0.135271***

(3.72)

0.016314

(0.28)

0.015568

(0.26)

MIXTONE1

−0.669845***

(−3.43)

−0.005216

(−0.02)

MIXTONE2

−0.635019***

(−3.16)

−0.009967

(−0.03)

Cons

0.677785***

(10.11)

0.690852***

(10.21)

0.763577***

(7.52)

0.764533***

(7.33)

Control Variable

Yes

Yes

Yes

Yes

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Ind Clustering

Yes

Yes

Yes

Yes

Obs

11,390

11,390

6615

6615

Adj-R²

0.0461

0.0458

0.0405

0.0403