(1)

(2)

(3)

(4)

State-owned

Private-owned

Larger-scale

Smaller-scale

con

0.0118***

0.0086*

0.0113***

0.0139**

(3.12)

(1.75)

(2.76)

(2.61)

LN_a

−0.0006

0.0011

(−0.39)

(0.29)

Lev

0.0007***

0.0011***

0.0011*

0.0007***

(4.25)

(3.64)

(1.82)

(3.59)

ROA

0.0008

0.0003

0.0060*

0.0001

(1.24)

(1.24)

(1.80)

(0.60)

ReceiR

0.0036

0.0223

0.0497**

0.0097

(0.25)

(1.27)

(2.02)

(1.05)

Netprofit

−6.21e−13

2.62e−11

−1.39e−12

−2.01e−11

(−1.07)

(1.65)

(−1.26)

(−0.71)

Tq

0.0087***

0.0141***

−0.0017

0.0118***

(5.50)

(4.91)

(−0.23)

(8.23)

Stateshr

0.0003

0.0001

(1.63)

(0.64)

age

−0.0001

1.13e−5

0.0004

−0.0003

(−0.27)

(0.04)

(0.88)

(−1.42)

gender

−0.0185*

−0.0022

−0.0137*

−0.0004

(−1.92)

(−0.30)

(−1.83)

(−0.07)

tenure

−0.0024***

−0.0039***

−0.0035**

−0.0023***

(−2.73)

(−2.80)

(−2.32)

(−3.35)

education

−0.0044*

−0.0018

−0.0027

−0.0035*

(−1.89)

(−0.83)

(−1.01)

(−1.91)

N_director

−0.0021***

−0.0049*

−0.0019**

−0.0035*

(−2.90)

(−1.73)

(−2.59)

(−1.81)

N_manager

−0.0021***

−0.0034***

−0.0028***

−0.0028***

(−3.10)

(−2.66)

(−2.97)

(−3.36)

N_supervisor

−0.0029

−0.0018

−0.0034

−0.0027

(−1.58)

(−0.43)

(−1.14)

(−1.46)

meeting

0.0002

−0.0006

−0.0004

0.0007*

(0.60)

(−0.36)

(−0.43)

(1.89)

N

7650

5395

6443

7853

INDUSTRY

YES

YES

YES

YES

YEAR

YES

YES

YES

YES