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 |