(1)

(2)

(3)

(4)

(5)

(6)

(7)

cashdtrbt

cashdtrbt

yfdtrbt

epydtrbt

cashdtrbt

yfdtrbt

epydtrbt

fdi1

−0.011**

−0.011**

−0.001

−0.002*

(−2.11)

(−2.05)

(−0.92)

(−1.85)

fdi2

0.010

0.003**

0.002

(1.11)

(2.12)

(1.53)

roa2

−0.163**

−0.012**

−0.007**

−0.164**

−0.012**

−0.007**

(−2.54)

(−2.16)

(−2.02)

(−2.54)

(−2.16)

(−2.04)

size

−0.013***

−0.009***

−0.001*

0.001***

−0.010***

−0.001**

0.001***

(−5.23)

(−3.41)

(−1.90)

(3.43)

(−3.65)

(−2.21)

(3.09)

ci

0.010***

0.009***

0.001***

0.000***

0.010***

0.001***

0.000***

(5.18)

(5.13)

(4.58)

(3.72)

(5.13)

(4.59)

(3.75)

lev

0.022*

0.000

−0.006***

−0.003*

0.001

−0.005***

−0.003*

(1.84)

(0.02)

(−2.84)

(−1.87)

(0.06)

(−2.80)

(−1.82)

growth

0.002

0.003

0.001***

0.001***

0.002

0.001***

0.001***

(1.13)

(1.30)

(3.30)

(4.16)

(1.27)

(3.34)

(4.28)

soe

0.004

0.003

0.001*

0.001

0.004

0.001**

0.001

(1.01)

(0.84)

(1.95)

(1.05)

(0.90)

(2.01)

(1.11)

age

−0.002**

−0.002**

−0.000*

−0.000**

−0.002**

−0.000*

−0.000**

(−2.17)

(−2.09)

(−1.84)

(−2.12)

(−2.06)

(−1.83)

(−2.10)

mngmhldn

−0.002***

−0.002***

−0.000***

−0.000***

−0.002***

−0.000***

−0.000***

(−3.46)

(−3.22)

(−2.97)

(−3.40)

(−2.98)

(−2.79)

(−3.17)

tobin

0.004***

0.005***

0.001***

0.001***

0.005***

0.001***

0.001***

(3.68)

(4.15)

(7.17)

(5.43)

(4.03)

(7.04)

(5.27)

Time effect

yes

yes

yes

yes

yes

yes

yes

Industry effect

yes

yes

yes

yes

yes

yes

yes

_cons

0.411***

0.343***

0.038***

−0.009

0.338***

0.037***

−0.010

(7.82)

(5.94)

(4.11)

(−1.03)

(5.87)

(3.97)

(−1.16)

N

3000

3000

3000

3000

3000

3000

3000