Variables

(1)

(2)

(3)

Full Sample

Central SOEs

Local SOEs

RD

RD

RD

Layer

−0.000365

−0.000439

−0.00153**

(−1.002)

(−0.934)

(−2.210)

Size

−0.000916**

−0.000760

−0.00121**

(−2.254)

(−1.351)

(−1.985)

Lev

−0.00333

−0.00169

−0.00246

(−1.430)

(−0.534)

(−0.696)

Growth

0.000416

0.000357

−1.83e−05

(1.278)

(0.784)

(−0.0368)

Cash

0.00805

0.00810

0.0142

(1.219)

(0.867)

(1.481)

Top1

1.82e−05

−9.42e−05**

8.59e−05**

(0.635)

(−2.224)

(1.996)

Year

control

control

control

Industry

control

control

control

Constant

0.0189**

0.0151

0.0282**

(2.028)

(1.152)

(2.031)

Observations

1455

767

688

R-squared

0.098

0.118

0.097