Variables

Central SOEs

Local SOEs

(1) Layer > 3

(2) Layer ≤ 3

(3) Layer > 2

(4) Layer ≤ 2

RD

RD

RD

RD

Layer

−0.00214*

0.000118

−0.00488***

0.00395

(−1.819)

(0.104)

(−3.793)

(1.277)

Size

−0.00117

−0.00117*

−0.000529

−0.00162*

(−0.824)

(−1.824)

(−0.593)

(−1.941)

Lev

−0.0154**

0.00400

0.00736

−0.0120**

(−2.234)

(1.102)

(1.291)

(−2.544)

Growth

0.00149

−0.000173

0.000515

−0.00118*

(1.429)

(−0.332)

(0.713)

(−1.744)

Cash

0.00764

0.0113

−0.00943

0.0349***

(0.349)

(1.110)

(−0.637)

(2.741)