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 |