| (1) | (2) | (3) | (4) | (5) | (6) |
cashdtrbt | cashdtrbt | cashdtrbt | yfdtrbt | yfdtrbt | yfdtrbt | |
fdi1 | −0.014*** | −0.010* | −0.011** |
|
|
|
| (−3.53) | (−1.85) | (−2.15) |
|
|
|
|
|
|
| −0.000 | 0.004*** | 0.003** |
fdi2 |
|
|
| (−0.16) | (2.63) | (1.98) |
size |
| −0.015*** | −0.012*** |
| −0.002*** | −0.001** |
|
| (−6.43) | (−4.77) |
| (−5.51) | (−2.20) |
ci |
| 0.010*** | 0.010*** |
| 0.001*** | 0.001*** |
|
| (5.19) | (5.19) |
| (4.75) | (4.65) |
lev |
| 0.012 | 0.020* |
| −0.008*** | −0.005** |
|
| (1.03) | (1.67) |
| (−4.17) | (−2.35) |
growth |
| 0.002 | 0.002 |
| 0.001*** | 0.001*** |
|
| (1.22) | (1.07) |
| (3.31) | (3.07) |
soe |
| 0.004 | 0.004 |
| 0.002** | 0.001** |
|
| (1.05) | (1.00) |
| (2.14) | (2.06) |
age |
| −0.003** | −0.002** |
| −0.000** | −0.000* |
|
| (−2.25) | (−2.21) |
| (−2.01) | (−1.92) |
mngmhldn |
| −0.002*** | −0.002*** |
| −0.000** | −0.000*** |
|
| (−3.29) | (−3.51) |
| (−2.55) | (−2.99) |
roa |
|
| 0.000 |
|
| 0.000** |
|
|
| (1.10) |
|
| (2.07) |
tobin |
|
| 0.003*** |
|
| 0.001*** |
|
|
| (3.25) |
|
| (5.98) |
Time effect | no | yes | yes | no | yes | yes |
Industry effect | no | yes | yes | no | yes | yes |
_cons | 0.128*** | 0.486*** | 0.398*** | 0.020*** | 0.067*** | 0.037*** |
| (76.49) | (9.35) | (7.26) | (77.49) | (7.75) | (3.85) |
N | 3605 | 3000 | 3000 | 3605 | 3000 | 3000 |