Variables

The Whole Sample Enterprises

State-Controlled Enterprises

Non-State-Controlled Enterprises

Model 1

Model 2

Model 3

Model 4

Model 5

MAN_SRt

0.060*

0.598*

0.464*

0.210**

0.140**

(1.87)

(1.85)

(1.70)

(2.26)

(2.30)

−0.520

−8.796

−5.595

−1.089*

−0.820*

(−0.59)

(−1.01)

(−0.94)

(−1.71)

(−1.90)

1.215

23.71

12.35

1.599*

1.497*

(0.70)

(1.37)

(0.63)

(1.85)

(1.73)

LnTTE_PAYt

0.008

−0.007*

−0.006*

0.010***

0.009***

(1.53)

(−1.69)

(−1.78)

(3.52)

(2.78)

BOARD_STt

−0.008

−0.026

0.035

(−0.38)

(−0.97)

(1.04)

RD_TAt-1

0.695***

0.680***

0.667***

0.559***

0.701***

(18.80)

(15.07)

(13.30)

(12.57)

(13.11)

LEVt

−0.015*

−0.017*

−0.024**

−0.021**

−0.011*

(−1.85)

(−1.76)

(−2.13)

(−2.13)

(−1.91)

LnCsizet

−0.001*

−0.002*

−0.001*

0.001

0.001

(−1.71)

(−1.81)

(−1.69)

(0.35)

(0.28)

Indum

control

control

control

control

control

Yearj

control

control

control

control

control

N

943

523

523

420

420

adj. R2

0.517

0.426

0.515

0.498

0.528