State-owned enterprises

Private enterprises

CONSV

0.171

−0.068***

(0.467)

(−2.099)

ROA

0.212

−0.035**

(0.125)

(−4. 069)

LEV

−0.197*

0.058***

(−0.990)

(5.576)

GROWTH

0.019

0.006*

(0.755)

(0.985)

INASSET

0.457**

1.033

(2.159)

(0.352)

CG

0.005

−0.007**

(1.165)

(−3.603)

F

203.926

252.844

R2

0.426

0.657

Adj. R2

0.408

0.628