| (1) | (2) | (3) | (4) | (5) | (6) |
epydtrbt | epydtrbt | epydtrbt | epydtrbt | epydtrbt | epydtrbt | |
fdi1 | −0.000 | −0.001 | −0.002* |
|
|
|
| (−0.63) | (−1.50) | (−1.93) |
|
|
|
fdi2 |
|
|
| 0.000 | 0.003* | 0.002 |
|
|
|
| (0.51) | (1.92) | (1.42) |
size |
| 0.000 | 0.001*** |
| 0.000 | 0.001*** |
|
| (1.32) | (3.30) |
| (1.00) | (2.95) |
ci |
| 0.000*** | 0.000*** |
| 0.000*** | 0.000*** |
|
| (3.87) | (3.83) |
| (3.90) | (3.86) |
lev |
| −0.005*** | −0.003 |
| −0.004*** | −0.002 |
|
| (−2.90) | (−1.57) |
| (−2.79) | (−1.49) |
growth |
| 0.001*** | 0.001*** |
| 0.001*** | 0.001*** |
|
| (3.95) | (3.99) |
| (4.08) | (4.11) |
soe |
| 0.001 | 0.001 |
| 0.001 | 0.001 |
|
| (1.15) | (1.08) |
| (1.21) | (1.14) |
age |
| −0.000** | −0.000** |
| −0.000** | −0.000** |
|
| (−2.25) | (−2.19) |
| (−2.23) | (−2.16) |
mngmhldn |
| −0.000*** | −0.000*** |
| −0.000*** | −0.000*** |
|
| (−3.23) | (−3.56) |
| (−3.02) | (−3.32) |
roa |
|
| 0.000* |
|
| 0.000 |
|
|
| (1.72) |
|
| (1.61) |
tobin |
|
| 0.001*** |
|
| 0.001*** |
|
|
| (4.54) |
|
| (4.41) |
Time effect | no | yes | yes | no | yes | yes |
Industry effect | no | yes | yes | no | yes | yes |
_cons | 0.015*** | 0.011 | −0.009 | 0.015*** | 0.010 | −0.010 |
| (63.58) | (1.47) | (−1.05) | (65.31) | (1.25) | (−1.14) |
N | 3605 | 3000 | 3000 | 3605 | 3000 | 3000 |