China

US

China and US

intensity

intensity

intensity

DA

−0.0002***

−0.8419**

−0.0032**

(−2.64)

(−1.98)

(1.96)

ROA

−0.0007***

−1.6338

0.0058***

(−5.62)

(−1.32)

(2.41)

Grow

0.0000**

0.0102

0.0000**

(1.98)

(1.13)

(2.18)

Lnsale

−0.0065***

−1.0520***

−0.2944***

(−4.49)

(−3.11)

(−2.82)

collateral

0.0015

−0.3568

−0.3012*

(0.17)

(−0.51)

(−1.76)

shield

0.2526

−0.9172

−0.3580

(0.90)

(−0.33)

(−0.58)

D*Da

0.0019**

(2.01)

country

0.0000

(.)

cons

0.1942***

22.3681***

6.2580***

(6.42)

(3.22)

(2.89)

N

6282

1938

8220