| Perks1 | Perks2 | ||||
| State-owned | Non-state-owned | Full sample | State-owned | Non-state-owned | Full sample |
_cons | 0.8632** (2.10) | 0.9373*** (15.91) | 0.9162*** (4.82) | 0.1053*** (8.74) | 0.2280*** (4.49) | 0.1594*** (6.49) |
Loan | −0.2446 (−1.40) | −0.1093*** (−3.48) | −0.2453* (−1.70) | −0.0091* (−1.79) | −0.0324*** (−3.48) | −0.0312*** (−5.29) |
SOE |
|
| −0.0103 (−1.18) |
|
| −0.0087*** (−6.66) |
Loan*SOE |
|
| 0.1107** (1.99) |
|
| 0.0191*** (3.22) |
Size | −0.0370* (−1.79) | −0.0355*** (−11.43) | −0.0330*** (−3.59) | −0.0027*** (−6.25) | −0.0087*** (−3.05) | −0.0051*** (−4.33) |
Debt | 0.2806 (1.10) | 0.0540*** (3.79) | 0.1155 (1.77) | −0.0021 (−0.57) | 0.0047 (0.42) | 0.0006 (0.01) |
Roe | −0.0341 (−1.22) | −0.0058 (−1.54) | −0.0143 (−1.57) | −0.0001 (−0.21) | 0.0001 (0.50) | 0.0000 (−0.13) |
Growth | −0.0140 (−0.96) | −0.0000 (−0.83) | −0.0001 (−1.08) | 0.0008 (0.59) | −0.0002 (−1.43) | −0.0001 (−0.97) |
Cash | −0.2957** (−2.06) | −0.2030*** (−3.90) | −0.2453*** (−3.20) | −0.0197*** (−3.07) | −0.0715** (−2.03) | −0.0513** (−2.31) |
First | −0.0771** (−2.13) | −0.1042*** (−9.47) | −0.0823*** (−4.55) | −0.0120*** (−4.90) | −0.0288*** (−5.36) | −0.0189*** (−8.23) |