Rt-roe

Rt-ebit

Full

sample

Inner

investment

Outside investment

Full

sample

Inner

investment

Outside

investment

Pledge

0.013**

0.030***

0.001

0.044***

0.073***

0.019**

(2.09)

(3.39)

(0.08)

(6.83)

(7.80)

(2.14)

Chi = 3.96**

P = 0.046

Chi = 11.79***

P = 0.000

Size

−0.327***

−0.394***

−0.273***

−0.227***

−0.264***

−0.203***

(−40.71)

(−34.63)

(−24.03)

(−27.49)

(−21.79)

(−17.84)

Lev

0.365***

0.434***

0.313***

−0.009

0.033***

−0.037***

(48.10)

(38.63)

(30.27)

(−1.18)

(2.80)

(−3.54)

Growth

0.035***

0.028***

0.038***

0.070***

0.044***

0.089***

(7.28)

(3.97)

(5.61)

(13.91)

(5.86)

(13.31)

Soe

−0.016***

−0.036***

0.003

0.005

0.002

0.009

(−2.64)

(−4.19)

(0.35)

(0.84)

(0.26)

(1.09)

Age

0.191***

0.189***

0.179***

0.224***

0.238***

0.198***

(26.87)

(19.37)

(17.28)

(30.79)

(22.89)

(19.09)

R & D

0.004

−0.005

0.015*

0.014**

0.033***

0.000

(0.74)

(−0.54)

(1.83)

(2.34)

(3.52)

(0.01)

Hold

−0.036***

−0.030***

−0.042***

−0.042***

−0.044***

−0.043***

(−5.70)

(−3.31)

(−4.73)

(−6.46)

(−4.51)

(−4.92)

Constant

0.187***

0.217***

0.122*

−0.083

0.035

−0.188**

(3.51)

(2.79)

(1.66)

(−1.52)

(0.43)

(−2.55)

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

Observations

25168

11440

13728

25162

11438

13724

Adjusted-R2

0.152

0.213

0.116

0.10

0.13

0.09