Full

sample

High growth

Low growth

Full

sample

High

growth

Low

growth

Instrument variable

Variables in executive shareholding and corporate competitive status lagged by one period

PCM

−0.188***

(0.000)

−0.024***

(0.002)

−0.020**

(0.019)

−0.608***

(0.009)

−0.759

(0.196)

−0.327**

(0.029)

size

0.339***

(0.000)

0.056 *** (0.000)

0.057***

(0.000)

0.368***

(0.000)

0.393***

(0.000)

0.262***

(0.000)

roa

0.493***

(0.000)

1.376***

(0.000)

0.856***

(0.000)

0.844***

(0.009)

1.119

(0.180)

0.065

(0.756)

lev

0.120***

(0.004)

−0.079*** (0.002)

−0.063***

(0.005)

0.073**

(0.050)

−0.0343

(0.681)

0.016

(0.739)

inv

0.086

(0.184)

0.002

(0.977)

0.013

(0.714)

0.118*

(0.057)

0.327**

(0.014)

0.052

(0.501)

rec

0.109

(0.211)

0.040

(0.363)

0.248***

(0.000)

0.198**

(0.025)

0.351**

(0.034)

0.084

(0.477)

loss

0.025**

(0.017)

−0.005

(0.778)

−0.026***

(0.000)

0.009

(0.529)

0.133**

(0.013)

−0.021

(0.135)

ownership

−0.001

(0.984)

−0.043

(0.106)

0.017

(0.174)

0.031

(0.350)

0.203**

(0.015)

0.020

(0.609)

change

−0.003

(0.499)

−0.0004

(0.871)

−.0020

(0.319)

0.002

(0.745)

−0.007

(0.557)

0.0001

(0.989)

big4

0.177***

(0.001)

−0.042

(0.100)

0.007

(0.646)

0.215***

(0.000)

0.310***

(0.000)

0.165***

(0.000)

register

−0.034

(0.532)

−0.061*

(0.053)

0.010

(0.807)

0.098

(0.156)

−0.068

(0.754)

0.066

(0.361)

ind

control

control

control

control

control

control

year

control

control

control

control

control

control

N

11558

4334

7224

5652

2042

3610

adj. R-sq

0.5322

0.1906

0.2545

0.4749

0.4138

0.3284