Whole Sample

Wholly State-Owned Enterprises

Majority State-Owned Enterprises

Eff

BC-Eff

Est-bias

Est-std

Eff

BC-Eff

Est-bias

Est-std

Eff

BC-Eff

Est-bias

Est-std

Average

1.189

1.231

−0.042

0.025

1.160

1.192

−0.032

0.019

1.230

1.287

−0.057

0.035

Median

1.100

1.126

−0.030

0.015

1.099

1.121

−0.019

0.010

1.145

1.181

−0.041

0.022

Std

0.285

0.302

0.035

0.027

0.241

0.254

0.030

0.022

0.338

0.355

0.036

0.030