(1)

(2)

(3)

(4)

TFP-OP

TFP-LP

DT

0.0876***

0.0195**

0.1264***

0.0339***

(9.6665)

(2.4814)

(12.6095)

(4.2835)

Size

0.4104***

0.5690***

(70.3928)

(96.9921)

LEV

0.0492***

0.0554***

(4.3850)

(4.9005)

ROA

0.0558***

0.0678***

(4.3870)

(5.2962)

Fix

−1.0883***

−1.3171***

(−33.1839)

(−39.9131)

Stock

0.1891***

0.2701***

(9.9090)

(14.0657)

Cash

0.0360

0.0469*

(1.3409)

(1.7348)

FC

−0.0104

−0.0350***

(−1.1018)

(−3.6988)

Age

0.0193***

0.0065***

(14.1743)

(4.7228)

SOE

−0.0839***

−0.0626***

(−4.8978)

(−3.6356)

Balance

−0.0018

−0.0122

(−0.2244)

(−1.5146)

Dual

−0.0223***

−0.0202**

(−2.8099)

(−2.5335)

Mgt Holding

−0.0002

−0.0001

(−0.4949)

(−0.1675)

Board

0.0052

0.0101***

(1.6021)

(3.1315)

Ind Director

0.0011

0.0012

(1.3590)

(1.4815)

Four

−0.0056

0.0141

(−0.2318)

(0.5769)

Constant

6.3469***

−2.6424***

7.9897***

−4.2780***

(714.4182)

(−20.3379)

(813.6129)

(−32.7232)

Year FE

N

Y

N

Y

Firm FE

N

Y

N

Y

Observations

24865

24865

24865

24865

Adjusted R²

0.0774

0.3127

0.0748

0.4289