(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