| (1) State-owned enterprise | (2 Non-state-owned enterprise | (3) State-owned enterprise | (4) Non-state- owned enterprise |
VARIABLES | ORIRD1 | ORIRD1 | ORIRD1 | ORIRD1 |
TIME |
|
| 0.000* (1.81) | 0.001*** (2.968) |
HHI | 0.000 (1.022) | −0.000 (−1.423) | 0.000 (1.380) | −0.000 (−0.324) |
SUB1t−1, | −0.004 (−0.332) | 0.051 (1.128) | −0.007 (−0.573) | 0.080* (1.667) |
TH |
|
| −0.000 (−1.388) | 0.000*** (−2.896) |
TSUBt−1 |
|
| 0.009 (0.376) | −0.072** (−2.293) |
HSUBt−1 | 0.001 (0.561) | −0.003 (−0.706) | 0.001 (0.781) | −0.006 (−1.275) |
THSUBt−1 |
|
| −0.001 (−0.462) | 0.007** (2.009) |
LNAASET | 0.000 (0.228) | 0.000** (2.165) | 0.000 (0.220) | 0.000** (2.139) |
TOP1 | −0.000** (−2.295) | −0.000 (−1.573) | −0.000** (−2.298) | −0.000 (−1.584) |
LEV | 0.000 (1.256) | −0.000 (−1.310) | 0.000 (1.288) | −0.000 (−1.281) |
ROA | 0.000 (0.535) | −0.001* (−1.888) | 0.000 (0.530) | −0.001* (−1.886) |
TOBINQ | 0.000* (1.855) | 0.000*** (3.733) | 0.000* (1.873) | 0.000*** (3.755) |
TANGIBILITY | 0.001*** (−3.337) | −0.000 (−1.383) | 0.001*** (−3.351) | −0.000 (−1.324) |
RE | 0.000 (1.400) | 0.001*** (2.983) | 0.000 (1.426) | 0.001*** (3.028) |
INVENTION | 0.000** (2.356) | 0.000** (2.554) | 0.000** (2.367) | 0.000*** (2.583) |
| (−0.573) | (0.133) | (−0.573) | (0.113) |
Industry | control | control | control | control |
Constant | −0.000 (−0.354) | −0.003* (−1.838) | −0.000 (−0.450) | −0.004* (−1.955) |
Observations | 5798 | 6007 | 5798 | 6007 |
R-squared | 0.048 | 0.069 | 0.048 | 0.070 |