VARIABLES | Std_ROA | Std_TobinQ | ||||
Full samples | State-owned | Non-state-owned | Full samples | State-owned | Non-state-owned | |
rel200 | −0.000*** | −0.005*** | −0.012*** | −0.007*** | −0.004*** | −0.010*** |
| (−3.21) | (−3.01) | (−6.95) | (−2.90) | (−3.96) | (−6.43) |
lev | 0.038*** | 0.034*** | 0.043*** | 0.328** | 0.044 | 0.705*** |
| (8.98) | (20.97) | (18.38) | (2.32) | (1.00) | (10.09) |
lnboard | −0.008** | −0.007*** | −0.006** | −0.090 | −0.040 | 0.048 |
| (−2.35) | (−4.20) | (−2.44) | (−0.97) | (−0.95) | (0.64) |
growth | 0.002*** | 0.001 | 0.003*** | 0.111*** | 0.078*** | 0.115*** |
| (4.99) | (1.60) | (6.90) | (7.40) | (6.16) | (7.54) |
C_size | −0.010*** | −0.007*** | −0.015*** | −0.365*** | −0.242*** | −0.548*** |
| (−14.36) | (−25.45) | (−32.94) | (−15.70) | (−33.74) | (−40.57) |
seperation | −0.000 | −0.000*** | −0.000 | 0.001 | 0.000 | −0.004** |
| (−1.57) | (−2.84) | (−1.42) | (0.31) | (0.28) | (−2.22) |
H10 | 0.021*** | 0.026*** | −0.004 | 0.525*** | 0.530*** | 0.598*** |
| (4.48) | (13.17) | (−0.82) | (3.88) | (9.87) | (4.38) |
age | 0.001*** | 0.001*** | 0.001*** | 0.025*** | 0.015*** | 0.037*** |
| (3.92) | (9.12) | (5.53) | (4.28) | (6.86) | (9.74) |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.244*** | 0.182*** | 0.339*** | 8.686*** | 5.921*** | 12.329*** |
| (15.36) | (28.72) | (33.33) | (16.78) | (34.86) | (40.08) |
N | 12088 | 7965 | 4123 | 12088 | 7965 | 4123 |
adj. R-sq | 0.245 | 0.216 | 0.326 | 0.294 | 0.221 | 0.394 |
t |
| 13.50 |
|
| 14.30 |
|
|
| (0.004) |
|
| (0.002) |
|