Variables

(1)

(2)

(3)

(4)

lnsubsidy

0.0038***

0.0036*

0.0033**

0.0023*

(0.0013)

(0.0019)

(0.0016)

(0.0012)

ownership*lnsubsidy

0.0005

(0.0021)

industryC × lnsubsidy

0.0023

(0.0017)

industryB × lnsubsidy

0.0055**

(0.0022)

lncapital

−0.0053

−0.0052

−0.0047

−0.0060

(0.0037)

(0.0037)

(0.0039)

(0.0039)

age

0.0074**

0.0074**

0.0073**

0.0073**

(0.0033)

(0.0033)

(0.0033)

(0.0033)

taxr

−0.0519

−0.0525

−0.0566

−0.0503

(0.0368)

(0.0367)

(0.0356)

(0.0364)

marketr

−0.0077

−0.0077

−0.0077

−0.0074

(0.0100)

(0.0100)

(0.0100)

(0.0100)

dtar

0.0134

0.0132

0.0124

0.0173

(0.0134)

(0.0135)

(0.0134)

(0.0138)

roe

−0.0124

−0.0125

−0.0123

−0.0135

(0.0082)

(0.0081)

(0.0083)

(0.0091)

Constant term

0.0696

0.0684

0.0577

0.0776

(0.0984)

(0.0989)

(0.1025)

(0.1011)

Model

Static FE

Static FE

Static FE

Static FE

Time effect

controlled

controlled

controlled

controlled

N

615

615

615

615