Variable

(1)

Sort by HS₁

Sort by apply

Double sort by HS₁ and apply

Sort by the nature of enterprise property rights

High (2)

Low (3)

High (4)

Low (5)

High (6)

Low (7)

State-owned enterprises (8)

Non-state- owned enterprises (9)

HS₁

0.4916***

(5.23)

−1.0778

(−1.04)

0.1550

(0.92)

−0.1618

(−1.29)

0.5495**

(2.41)

−0.0262

(−0.09)

−2.7502

(0.93)

0.0680

(1.15)

0.6194***

(5.94)

$H{S}_1\ast gap$

−0.00003***

(−5.54)

0.0048

(0.58)

−0.00000

(−0.02)

3.46e−06

(0.04)

0.0042

(0.19)

0.00004

(0.27)

−0.1263

(−1.27)

−0.0003**

(−2.56)

−0.0006**

(−2.46)

Apply

0.0012

(0.96)

−0.0475

(−0.59)

−0.0002

(−0.13)

−0.0001

(−0.22)

−0.0445

(−0.20)

−0.0005

(−0.36)

1.2003

(0.27)

0.0024**

(2.35)

0.0058**

(2.10)

Leverage

−1.2831***

(−9.23)

−2.6845***

(−9.95)

−0.0498

(−0.10)

−1.8533

(−5.96)

−1.3343***

(−3.19)

−0.5258

(−0.70)

−3.6274***

(−6.53)

−1.2613***

(−8.98)

−1.2927***

(−5.79)

Size

1.2984***

(44.74)

1.0306***

(19.35)

1.8242***

(18.56)

0.8096***

(15.36)

1.8292***

(16.37)

0.9899***

(8.03)

1.3657***

(10.89)

0.9583**

(−2.56)

1.5149***

(26.50)

Growth

0.0035

(1.51)

−0.0514**

(−2.85)

0.0036

(0.09)

−0.0029

(−0.88)

−0.1863**

(−2.85)

0.0868

(0.72)

−0.6111***

(−3.91)

−0.0467***

(−4.41)

0.0051

(1.53)

Equity

0.0007

(1.29)

0.0215***

(3.10)

0.0004

(0.26)

0.1474***

(3.55)

0.0088

(2.96)

0.2908

(1.48)

0.1254

(0.70)

0.0024***

(4.49)

0.0020

(1.06)

Adjusted R²

0.4612

0.4978

0.4666

0.5180

0.4254

0.5086

0.4957

0.5316

0.4670

Year FE

Y

Y

Y

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Y

Y

Y