(1)

(2)

(3)

(4)

(5)

TFP-GMM

DT

0.0283***

(3.27)

DT_W

0.0509*

(1.73)

DT_Z

0.0766***

(3.78)

DT_X

0.107**

(2.31)

DT_F

0.0769**

(2.51)

Size

0.167***

0.167***

0.166***

0.167***

0.166***

(26.07)

(26.13)

(25.93)

(26.09)

(25.93)

LEV

0.0449***

0.0447***

0.0453***

0.0449***

0.0452***

(3.63)

(3.62)

(3.66)

(3.63)

(3.65)

ROA

0.0615***

0.0613***

0.0617***

0.0615***

0.0617***

(4.39)

(4.38)

(4.41)

(4.39)

(4.40)

Fix

−2.620***

−2.622***

−2.617***

−2.623***

−2.619***

(−72.56)

(−72.66)

(−72.48)

(−72.67)

(−72.53)

Stock

0.216***

0.215***

0.217***

0.216***

0.216***

(10.26)

(10.21)

(10.31)

(10.26)

(10.28)

Cash

0.0306

0.0276

0.0302

0.0288

0.0305

(1.04)

(0.94)

(1.02)

(0.97)

(1.03)

FC

−0.0244**

−0.0245**

−0.0243**

−0.0244**

−0.0243**

(−2.36)

(−2.37)

(−2.35)

(−2.36)

(−2.35)

Age

0.0174***

0.0171***

0.0168***

0.0171***

0.0169***

(11.65)

(11.42)

(11.22)

(11.41)

(11.27)

SOE

−0.0753***

−0.0763***

−0.0739***

−0.0756***

−0.0750***

(−3.99)

(−4.05)

(−3.92)

(−4.01)

(−3.98)

Balance

0.00269

0.00308

0.00297

0.00287

0.00293

(0.30)

(0.35)

(0.34)

(0.32)

(0.33)

Dual

−0.0240***

−0.0246***

−0.0245***

−0.0244***

−0.0243***

(−2.75)

(−2.81)

(−2.80)

(−2.79)

(−2.78)

Mgt Holding

2.24e−05

3.81e−05

8.24e−06

2.77e−05

2.16e−05

(0.06)

(0.11)

(0.02)

(0.08)

(0.06)

Board

0.00319

0.00338

0.00311

0.00333

0.00320

(0.90)

(0.95)

(0.88)

(0.94)

(0.90)

Ind Director

0.000888

0.000925

0.000881

0.000903

0.000900

(1.04)

(1.08)

(1.03)

(1.06)

(1.05)

Four

0.00324

0.00278

0.00319

0.00227

0.00288

(0.12)

(0.10)

(0.12)

(0.08)

(0.11)

Constant

0.245*

0.242*

0.265*

0.243*

0.262*

(1.71)

(1.70)

(1.85)

(1.70)

(1.83)

Year FE

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Observations

24,865

24,865

24,865

24,865

24,865

Adjusted R²

0.200

0.200

0.200

0.200

0.200