variable

Full sample

The sample of state-owned enterprises

Non-state enterprise sample

Honesty

−0.017***

−0.007

−0.023**

(−3.121)

(−1.079)

(−2.157)

Beta

0.002

0.001

0.006

(0.826)

(0.625)

(1.436)

Lnassets

0.002*

0.001

0.003

(1.908)

(0.478)

(1.322)

Bm

0.047***

0.048***

0.048***

(21.607)

(19.190)

(10.700)

Oprisk

0.005

0.005

0.008

(1.117)

(0.926)

(0.996)

Finrisk

0.071***

0.067***

0.073***

(16.151)

(12.330)

(8.908)

Turnover

−0.000***

−0.000

−0.001***

(−2.872)

(−0.877)

(−3.670)

Roa

−0.093***

−0.088***

−0.072***

(−14.306)

(−10.121)

(−6.726)

Assturn

−0.001

0.002

−0.006*

(−0.849)

(0.898)

(−1.861)

Income grow

−0.003***

−0.001

−0.004***

(−4.490)

(−1.270)

(−3.457)

Rdiv

0.004***

0.004**

0.006*

(2.760)

(2.073)

(1.736)

Hfd

−0.028***

−0.025***

−0.052***

(−3.846)

(−2.859)

(−3.467)

Constant

0.019

0.024

−0.009

(0.631)

(0.623)

(−0.147)

Year

control

control

control

Industry

control

control

control

Observations

8696

5781

2787

Adjusted R 2

0.313

0.356

0.213

F statistic

130.7

102.1

32.30