variant

non-state-owned

state-owned

CITY = 0

CITY = 1

(17)

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

BC

−0.024***

−0.034***

−0.023***

−0.011*

−0.006

−0.011*

−0.010*

−0.011*

−0.009*

−0.024***

−0.027***

−0.023***

(−5.01)

(−6.25)

(−4.65)

(−1.89)

(−0.77)

(−1.94)

(−1.76)

(−1.94)

(−1.68)

(−5.02)

(−5.59)

(−4.89)

BC ×

INST

−0.001***

−0.001

−0.001

−0.001***

(−4.12)

(−1.24)

(−0.41)

(−3.76)

INST

0.001***

0.001

0.001***

0.001***

(6.32)

(1.30)

(5.29)

(3.75)

BC ×

Indep

−0.002**

0.001

−0.001

−0.002***

(−2.51)

(0.36)

(−0.96)

(−3.14)

Indep

0.001

0.001

−0.001

0.001

(1.39)

(0.18)

(−0.08)

(0.73)

Ind/

Year/Controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

cons

0.056

0.098**

0.044

0.235***

0.248***

0.234***

0.153***

0.189***

0.154***

0.162***

0.192***

0.155***

(1.39)

(2.39)

(1.06)

(6.03)

(6.24)

(5.90)

(4.27)

(5.23)

(4.24)

(3.05)

(3.58)

(2.95)

N

15598

15598

15598

10362

10362

10362

11985

11985

11985

13975

13975

13975

R²

0.188

0.191

0.188

0.142

0.143

0.142

0.165

0.168

0.166

0.177

0.179

0.177