Variables

The Whole Sample Enterprises

State-Controlled Enterprises

Non-State-Controlled Enterprises

Model 1

Model 2

Model 3

Model 4

Model 5

MAN_SRt

0.204*

1.573**

1.473**

0.316*

0.230*

(1.79)

(2.57)

(2.09)

(1.84)

(1.74)

−1.544

−21.91

−17.70

−2.061*

−1.406*

(−0.91)

(−1.26)

(−1.63)

(−1.81)

(−1.67)

3.291

58.54

42.26

3.587*

2.671*

(0.98)

(1.20)

(1.18)

(1.89)

(1.82)

LnTTE_PAYt

0.020

−0.019***

−0.020**

0.021***

0.021***

(1.51)

(−1.74)

(−1.83)

(3.10)

(2.89)

BOARD_STt

0.002

−0.031

0.071

(0.05)

(−0.65)

(0.93)

RD_ORt-1

0.693***

0.631***

0.641***

0.648***

0.714***

(20.09)

(13.23)

(12.63)

(15.10)

(15.01)

LEVt

−0.021*

−0.016*

−0.026*

−0.047**

−0.029*

(−1.73)

(−1.78)

(−1.87)

(−2.30)

(−1.74)

LnCsizet

−0.006**

−0.007***

−0.005*

0.007

0.008

(−2.36)

(−2.81)

(−1.88)

(1.59)

(1.56)

Indum

control

control

control

control

control

Yearj

control

control

control

control

control

N

943

523

523

420

420

adj. R2

0.503

0.431

0.507

0.457

0.512