| (1) | (2) | (3) |
Variables | Full Sample | Central SOEs | Local SOEs |
| RD | RD | RD |
Layer | −0.000331 | −0.000198 | −0.00356*** |
| (−0.524) | (−0.240) | (−3.022) |
Size | −0.000546 | −5.87e−05 | −0.00122 |
| (−0.774) | (−0.0594) | (−1.180) |
Lev | −0.0183*** | −0.0183*** | −0.0161*** |
| (−4.541) | (−3.290) | (−2.690) |
Growth | 0.00155*** | 0.000363 | 0.00207** |
| (2.746) | (0.454) | (2.446) |
Cash | −0.0261** | −0.0311* | −0.0143 |
| (−2.276) | (−1.894) | (−0.880) |
Top1 | −9.46e−05* | −0.000254*** | −7.37e−05 |
| (−1.905) | (−3.421) | (−1.010) |
Year | controlled | controlled | controlled |
Industry | controlled | controlled | controlled |
Constant | 0.0182 | 0.00765 | 0.0412* |
| (1.129) | (0.333) | (1.750) |
Observations | 1455 | 767 | 688 |
R-squared | 0.121 | 0.155 | 0.116 |