| variable | Full sample | The sample of state-owned enterprises | Non-state enterprise sample |
| Honesty | −0.017*** | −0.007 | −0.023** |
| (−3.121) | (−1.079) | (−2.157) | |
| Beta | 0.002 | 0.001 | 0.006 |
| (0.826) | (0.625) | (1.436) | |
| Lnassets | 0.002* | 0.001 | 0.003 |
| (1.908) | (0.478) | (1.322) | |
| Bm | 0.047*** | 0.048*** | 0.048*** |
| (21.607) | (19.190) | (10.700) | |
| Oprisk | 0.005 | 0.005 | 0.008 |
| (1.117) | (0.926) | (0.996) | |
| Finrisk | 0.071*** | 0.067*** | 0.073*** |
| (16.151) | (12.330) | (8.908) | |
| Turnover | −0.000*** | −0.000 | −0.001*** |
| (−2.872) | (−0.877) | (−3.670) | |
| Roa | −0.093*** | −0.088*** | −0.072*** |
| (−14.306) | (−10.121) | (−6.726) | |
| Assturn | −0.001 | 0.002 | −0.006* |
| (−0.849) | (0.898) | (−1.861) | |
| Income grow | −0.003*** | −0.001 | −0.004*** |
| (−4.490) | (−1.270) | (−3.457) | |
| Rdiv | 0.004*** | 0.004** | 0.006* |
| (2.760) | (2.073) | (1.736) | |
| Hfd | −0.028*** | −0.025*** | −0.052*** |
| (−3.846) | (−2.859) | (−3.467) | |
| Constant | 0.019 | 0.024 | −0.009 |
| (0.631) | (0.623) | (−0.147) | |
| Year | control | control | control |
| Industry | control | control | control |
| Observations | 8696 | 5781 | 2787 |
| Adjusted R 2 | 0.313 | 0.356 | 0.213 |
| F statistic | 130.7 | 102.1 | 32.30 |