| 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 |