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 |