Variables

Coefficients and p-value

SOEs

non-SOEs

SOEs

non-SOEs

SOEs

non-SOEs

SOEs

non-SOEs

ETR

−0.333

−0.4770*

(0.15)

(0.04)

Ratediff

0.214

0.228**

(0.24)

(0.03)

MaETR

−0.342

−0.414**

(0.16)

(0.04)

MaRatediff

0.071

0.281**

(0.33)

(0.04)

SIZE

0.398***

0.435***

0.403***

0.438***

0.360***

0.431***

0.358***

0.430***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

DFL

0.0940*

0.0263**

0.106*

0.0386**

0.0895*

0.0281**

0.105*

0.0285**

(0.08)

(0.03)

(0.08)

(0.03)

(0.07)

(0.03)

(0.07)

(0.03)

RISK

−0.308

−0.128

−0.192

−0.124

−0.212

−0.129

−0.245

−0.126

(0.44)

(0.14)

(0.43)

(0.15)

(0.41)

(0.14)

(0.42)

(0.14)

TAT

0.0876

0.0002

0.145*

0.0026

0.172

0.00419

0.148**

0.00227*

(0.17)

(0.14)

(0.08)

(0.18)

(0.16)

(0.14)

(0.03)

(0.09)

ROA

0.509

0.746**

−0.261

0.630**

0.290

0.731**

0.372

0.729**

(0.28)

(0.04)

(0.18)

(0.03)

(0.19)

(0.03)

(0.22)

(0.04)

LOSS

0.227***

0.222***

0.226***

0.201***

0.205***

0.224***

0.226***

0.223***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

OP

0.204**

0.114**

0.160***

0.102**

0.202*

0.112**

0.192***

0.108**

(0.03)

(0.04)

(0.00)

(0.04)

(0.06)

(0.03)

(0.00)

(0.04)

BIG4

0.0252**

0.230**

0.0399**

0.231***

0.0134*

0.228***

0.0114**

0.229**

(0.02)

(0.17)

(0.04)

(0.00)

(0.08)

(0.00)

(0.04)

(0.02)

Constant

4.778***

4.032***

4.603***

3.959***

5.344***

4.086***

5.615***

4.139***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

IND

Control

Control

Control

Control

Control

Control

Control

Control

YEAR

Control

Control

Control

Control

Control

Control

Control

Control

N

1288

1088

1288

1088

1288

1088

1288

1088

Adj R²

0.300

0.296

0.310

0.302

0.260

0.296

0.278

0.296

F values

42.08

58.08

42.42

59.17

57.75

58.09

50.34

58.05