Variable

Better institutional environment

Poorer institutional environment

Large-scale enterprises

Small and medium-sized enterprises

(1)

(2)

(3)

(4)

lnapply

lnapply

lnapply

lnapply

DI

0.067***

0.092***

0.125***

0.035***

(0.006)

(0.020)

(0.011)

(0.006)

_cons

−7.931***

−4.823***

−10.841***

−3.962***

(0.211)

(0.491)

(0.382)

(0.307)

Controls

Yes

Yes

Yes

Yes

industry

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes

N

14898

1985

8322

8568

r2

0.230

0.165

0.211

0.049

r2_a

0.228

0.151

0.207

0.045