Variables

Industry competition

Coefficient

Z value

Unrelate

1.985***

4.43

Unrelate*Competition

9.331***

3.18

Competition

0.146

0.56

Related

0.001

0.01

Dual

0.07

1.01

Property

−0.483***

−6.13

First

−0.002

−0.88

Lndep

0.262

0.41

Board

−0.012

−0.58

ESH

−0.252

−1.47

Overcon

−0.318

−1.1

Cash

−0.242

−0.93

Intang

−0.48

−0.85

Tobinq

0.014

0.37

OCF

−4.919**

−2.53

Size

−0.032

−0.89

ROA

−0.092

−0.05

Lev

−0.123

−0.47

Growth

−0.128

−1.09

Accrual

−4.686**

−2.4

FC

−0.042

−1.61

Bedrivers

−0.286**

−2.34

_cons

0.998

1.16

N

7464

chi2

244.604