|
| FERR | FERR | |
|
| (1) | (2) State-owned | (3) Non-state-owned |
| S-Gini | −0.006*** | −0.009*** | −0.002 |
|
| (−2.789) | (−2.624) | (−0.723) |
| Follow | −0.002*** | −0.001* | −0.001** |
|
| (−5.653) | (−1.850) | (−2.440) |
| Horizon | 0.004*** | 0.004*** | 0.003*** |
|
| (8.664) | (5.209) | (6.274) |
| PB | −0.000 | −0.000 | −0.001*** |
|
| (−1.621) | (−0.142) | (−2.806) |
| MV | −0.002*** | −0.003*** | −0.001* |
|
| (−5.830) | (−5.119) | (−1.889) |
| VSALES | 0.016*** | 0.020*** | 0.011*** |
|
| (7.772) | (6.054) | (4.471) |
| Lev | 0.032*** | 0.039*** | 0.021*** |
|
| (20.536) | (14.570) | (12.198) |
| SOE | 0.001 | −0.000 | −0.001 |
|
| (1.110) | (−0.054) | (−0.767) |
| Big4 | −0.000 | −0.105*** | −0.046** |
|
| (−0.021) | (−3.675) | (−2.167) |
| ROE | −0.085*** | −0.002*** | −0.004*** |
|
| (−4.781) | (−3.557) | (−9.686) |
| Growth | −0.004*** | −0.001* | −0.001** |
|
| (−10.709) | (−1.850) | (−2.440) |
| Constant | 0.013** | 0.028*** | −0.003 |
|
| (2.287) | (2.867) | (−0.554) |
| Firm FE | YES | YES | YES |
| Year FE | YES | YES | YES |
| N | 17895 | 7800 | 10095 |
| Adj. R2 | 0.238 | 0.294 | 0.286 |