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)