(1)

State-owned

(2)

Non-state-owned

SA

−0.277

−1.382***

(0.238)

(0.271)

CEI * SA

−0.003

0.023**

(0.009)

(0.010)

CEI

−0.008*

−0.015***

(0.004)

(0.005)

Lev

0.383***

0.462***

(0.112)

(0.096)

ROS

0.721***

0.928***

(0.102)

(0.089)

Size

0.364***

0.233***

(0.038)

(0.035)

Age

−0.069

−0.105

(0.129)

(0.090)

GDP

−0.148

−0.110

(0.128)

(0.185)

_cons

−2.089

−3.048

(1.530)

(1.979)

Equitynature

Y

Y

Industry

Y

Y

Year

Y

Y

Individual

Y

Y

N

7221

10,795

R-squared

0.129

0.134