ICOP

State-owned

Non-state-owned

ICAF

−0.462

−1.072**

(−1.250)

(−2.475)

ICAF_r

−2.508

−6.951**

(−0.956)

(−2.550)

ICQ

−4.479***

−4.406***

−5.042***

−5.080***

(−5.821)

(−5.752)

(−5.033)

(−5.279)

DA

−1.563

−1.795

0.101

−0.024

(−0.722)

(−0.820)

(0.062)

(−0.015)

pre_ICOP

2.842***

2.806***

1.480***

1.438***

(7.757)

(7.524)

(2.708)

(2.591)

AGE

0.066*

0.067*

−0.005

−0.002

(1.755)

(1.759)

(−0.150)

(−0.067)

LOSS

0.887*

0.901*

0.147

0.178

(1.667)

(1.662)

(0.205)

(0.253)

SIZE

0.323*

0.129

0.077

−0.225

(1.884)

(0.893)

(0.345)

(−1.133)

LEV

0.233

0.291

−0.365

−0.620