Enterprise types | Private enterprise | SOE | |||
Explained variables | ROE | ROE | |||
| Coefficient value | T value | Coefficient value | T value | |
Explanatory variable | INST | 0.065 | 7.012*** | 0.061 | 3.308*** |
Control variables | SIZE | 1.789 | 6.015*** | 2.146 | 6.036*** |
LEV | −0.082 | −6.268*** | −0.213 | −10.316*** | |
GROWTH | 0.041 | 7.620*** | 0.193 | 9.304*** | |
MER | −0.103 | −3.088*** | −0.227 | −3.894*** | |
TUR | 1.348 | 3.800*** | 2.686 | 4.169*** | |
FIRET | 0.018 | 0.964 | -0.023 | −0.749 | |
TEN | 0.064 | 3.375*** | 0.065 | 2.002** | |
Adj-R2 | 0.169 | 0.217 | |||
F-statistics | 43.670*** | 36.085*** | |||
Sample capacity | 1674 | 1014 |