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** |