Variables

Model 3

Model 4

Model 5

Model 6

Intercept

2.366*

2.040*

0.651

3.083***

Transparency Index

−0.292

−0.141

Board Index

−0.321**

−0.306**

Strategic Planning Index

−0.473***

−0.325***

Wholly SOE

−2.552

−3.605**

−3.662***

−5.302***

Transparency Index x Wholly SOE

0.338

0.125

Board Index x Wholly SOE

0.938***

0.849**

Strategic Planning Index x Wholly SOE

0.500***

0.248

Size

0.146

0.225*

0.480***

0.391***

Listed SOE

−0.506

−0.464

−1.496

−0.260

Leverage

−3.425**

−5.069***

−4.324***

−4.578**

0.453*

0.524**

0.545***

0.479**