(1)

(2)

(3)

Full sample

State-owned enterprise

Non-state-owned enterprises

variable

GI

GI

GI

GAP

0.0219***

0.0183*

0.0238**

(0.007)

(0.010)

(0.011)

constant term

−1.6226***

−1.3508***

−1.8242***

(0.224)

(0.284)

(0.443)

controlled variable

√

√

√

Number of observed values

19,571

8239

11,332

goodness of fit

0.200

0.236

0.178

Industry/Year of the FE

√

√

√