Variables

Model 1

Model 2

Intercept

1.235

3.230**

Corporate Governance Index

−0.469**

−0.763**

Wholly SOE

−3.071**

−5.586**

Corporate Governance Index x Wholly SOE

0.563**

0.970**

Size

0.338**

0.339**

Listed SOE

−0.494

−0.199

Leverage

−3.701**

−3.831**

0.435**

0.428*