Coefficients and Standard Errors

State-owned enterprises

Non-state-owned enterprises

POL × GRO

0.252**

0.242***

(0.105)

(0.056)

TAXR

−0.032***

−0.031***

(0.005)

(0.005)

LEV

−0.503**

0.245

(0.240)

(0.153)

GROWTH

−0.054

0.041

(0.061)

(0.046)

CASH

1.177**

1.810***

(0.517)

(0.277)

AGE

−0.014

0.002

(0.013)

(0.004)

ASSET

0.557***

0.456***

(0.044)

(0.059)

Industry

Y

Y

Year

Y

Y

Province

Y

Y

N

2636

4196

R2

0.456

0.269