| (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 |