State-owned enterprises

Private enterprises

CONSV

0.051

1.157***

(0.89)

(2.154)

ROA

0.36

1.452*

(0.65)

(0.704)

LEV

−0.057*

−0.802**

(−0.46)

(−1.051)

GROWTH

0.056

7. 282**

(1.36)

(1.061)

INASSET

0.63*

1. 527

(6.7)

(0.088)

CG

0.009

0.432**

(0.43)

(9.570)

F

221.367

313.084

R²

0.458

0.815

Adj. R²

0.413

0.804