| 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 |