State-owned enterprises

Non state-owned enterprises

R&D1

0.0151

0.0162***

(1.40)

(2.67)

R&D2

0.0013

0.0023**

(1.15)

(2.38)

R&D_Z

0.0014

0.0025**

(1.06)

(2.30)

R&D_F

0.0013

0.0009

(1.16)

(0.95)

Size

0.3355***

0.3357***

0.3345***

0.3355***

0.3349***

0.3341***

(18.48)

(18.55)

(18.52)

(47.70)

(19.37)

(19.34)

Lev

−0.0862

−0.0850

−0.0853

0.0248

0.0245

0.0241

(−1.59)

(−1.56)

(−1.57)

(0.89)

(0.48)

(0.48)

OtherRev

0.9154***

0.9148***

0.9159***

0.2244

0.2276

0.2245

(4.18)

(4.17)

(4.18)

(1.60)

(1.23)

(1.21)

Turnover

0.2902**

0.2899**

0.2871**

0.2094***

0.2072**

0.2062**

(2.06)

(2.06)

(2.04)

(3.16)

(2.08)

(2.07)

CashFlow

0.0124

0.0112

0.0108

0.0859*

0.0849*

0.0843*

(0.25)

(0.22)

(0.21)

(1.93)

(1.71)

(1.70)

Growth

−0.0081

−0.0080

−0.0080

0.0039

0.0037

0.0038

(−0.97)

(−0.97)

(−0.97)

(0.70)

(0.50)

(0.51)

Roa

0.0229

0.0259

0.0266

0.1084

0.1097

0.1115

(0.17)

(0.19)

(0.20)

(1.22)

(0.90)

(0.91)

Loss

0.0219

0.0221

0.0219

0.0371***

0.0367***

0.0368***

(1.60)

(1.61)

(1.61)

(2.80)

(2.61)

(2.62)

IIR

−0.0760**

−0.0767**

−0.0761**

0.0135

0.0145

0.0158

(−2.53)

(−2.56)

(−2.53)

(0.69)

(0.53)

(0.58)

Ret

−0.0080

−0.0081

−0.0078

0.0013

0.0012

0.0010

(−0.98)

(−1.01)

(−0.97)

(0.19)

(0.16)

(0.13)

Sd_Ret

0.0237

0.0214

0.0223

0.0562

0.0558

0.0557

(0.32)

(0.29)

(0.30)

(0.86)

(0.71)

(0.71)

Big4

0.1607**

0.1611**

0.1611**

0.3682***

0.3670***

0.3677***

(2.44)

(2.44)

(2.44)

(12.12)

(4.19)

(4.19)

_cons

6.0058***

6.0011***

6.0262***

5.8750***

5.8869***

5.9032***

(15.12)

(15.16)

(15.25)

(39.66)

(15.97)

(16.03)

year

Control

Control

Control

Control

Control

Control

Industry

Control

Control

Control

Control

Control

Control

N

6895

6895

6895

8063

8063

8063

adj. R-sq

0.6605

0.6606

0.6601

0.6198

0.6203

0.6203