| 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 |