By region

(1)

East

(2)

West

(3)

Central

(4)

Northeast

(5)

East

(6)

West

(7)

Central

(8)

Northeast

fdi1

−0.0065

−0.0719***

−0.0229

−0.0022

(−0.9951)

(−2.6832)

(−0.9589)

(−0.0515)

fdi2

0.0076

0.0000

0.0247

0.0000

(0.7388)

(.)

(0.5874)

(.)

size

−0.0131***

−0.0195**

−0.0106

0.0061

−0.0136***

−0.0252***

−0.0124*

0.0060

(−5.4101)

(−2.3299)

(−1.4446)

(0.4247)

(−5.5880)

(−3.0758)

(−1.6803)

(0.4266)

ci

0.0119***

0.0206***

0.0046***

0.0094***

0.0119***

0.0191***

0.0046***

0.0094***

(23.9613)

(6.9855)

(5.1389)

(5.2627)

(23.9891)

(6.5035)

(5.1916)

(5.3803)

lev

0.0280**

0.0739*

0.0327

−0.1424*

0.0284**

0.0756*

0.0346

−0.1413**

(2.4775)

(1.7984)

(0.9993)

(−1.9949)

(2.5129)

(1.8135)

(1.0568)

(−2.1123)

growth

−0.0003

−0.0091

0.0036*

−0.0075

−0.0004

−0.0095

0.0037*

−0.0075

(−0.1887)

(−1.0880)

(1.8902)

(−0.5184)

(−0.2400)

(−1.1208)

(1.9536)

(−0.5311)

soe

0.0069

0.0142

0.0040

−0.0256

0.0070

0.0122

0.0047

−0.0255

(1.4430)

(0.8643)

(0.3191)

(−0.8976)

(1.4678)

(0.7306)

(0.3779)

(−0.9071)

age

−0.0014

−0.0113**

−0.0092**

0.0312***

−0.0014

−0.0116**

−0.0089**

0.0313***

(−1.0483)

(−2.1861)

(−2.4225)

(4.5864)

(−1.0451)

(−2.1991)

(−2.3202)

(4.7183)

mngmhldn

−0.0020***

−0.0045**

−0.0036

−0.0121***

−0.0018**

−0.0043*

−0.0034

−0.0121***

(−2.6249)

(−2.0499)

(−1.6405)

(−2.8157)

(−2.4347)

(−1.9437)

(−1.5429)

(−2.8643)

roa

0.0000

−0.0000

0.0000

0.0000

0.0000

−0.0000

0.0000

0.0000

(1.2656)

(−1.2500)

(0.5496)

(1.5975)

(1.2194)

(−1.2691)

(0.3650)

(1.6210)

tobin

0.0029***

0.0077**

0.0028

0.0114

0.0028**

0.0071**

0.0027

0.0115

(2.5845)

(2.3363)

(0.8767)

(1.1035)

(2.4985)

(2.1439)

(0.8514)

(1.1751)

_cons

0.3987***

0.6076***

0.3404**

0.0248

0.3949***

0.7264***

0.3706**

0.0255

(4.1364)

(3.3501)

(2.1760)

(0.0857)

(4.0951)

(4.0686)

(2.3544)

(0.0895)

adj. R-sq

0.256

0.290

0.144

0.672

0.256

0.269

0.142

0.680

F

35.81

5.180

3.958

8.294

35.78

4.934

3.926

9.062

N

2327

226

389

58

2327

226

389

58