(1)

(2)

(3)

(4)

(5)

(6)

TFP-OP

TFP-LP

DT

0.0195**

0.0185**

0.0339***

0.0328***

(2.4814)

(2.3797)

(4.2835)

(4.2057)

Cost

−0.2481***

−0.2480***

−0.2633***

−0.2631***

(−24.2166)

(−24.2056)

(−25.5731)

(−25.5592)

Size

0.4104***

0.3963***

0.3951***

0.5690***

0.5548***

0.5528***

(70.3928)

(68.7186)

(68.3021)

(96.9921)

(95.7371)

(95.1113)

LEV

0.0492***

0.0630***

0.0634***

0.0554***

0.0697***

0.0704***

(4.3850)

(5.6815)

(5.7149)

(4.9005)

(6.2550)

(6.3157)

ROA

0.0558***

0.0720***

0.0723***

0.0678***

0.0847***

0.0853***

(4.3870)

(5.7285)

(5.7535)

(5.2962)

(6.7096)

(6.7555)

Fix

−1.0883***

−1.0844***

−1.0813***

−1.3171***

−1.3153***

−1.3096***

(−33.1839)

(−33.5439)

(−33.4208)

(−39.9131)

(−40.4849)

(−40.2928)

Stock

0.1891***

0.1842***

0.1845***

0.2701***

0.2646***

0.2652***

(9.9090)

(9.7812)

(9.8003)

(14.0657)

(13.9850)

(14.0223)

Cash

0.0360

0.0346

0.0367

0.0469*

0.0439*

0.0476*

(1.3409)

(1.3076)

(1.3872)

(1.7348)

(1.6494)

(1.7909)

FC

−0.0104

0.0006

0.0008

−0.0350***

−0.0234**

−0.0232**

(−1.1018)

(0.0690)

(0.0862)

(−3.6988)

(−2.5113)

(−2.4818)

Age

0.0193***

0.0209***

0.0205***

0.0065***

0.0084***

0.0077***

(14.1743)

(15.6512)

(15.2540)

(4.7228)

(6.2844)

(5.7364)

SOE

−0.0839***

−0.0756***

−0.0752***

−0.0626***

−0.0541***

−0.0534***

(−4.8978)

(−4.4731)

(−4.4510)

(−3.6356)

(−3.1872)

(−3.1488)

Balance

−0.0018

−0.0034

−0.0033

−0.0122

−0.0140*

−0.0138*

(−0.2244)

(−0.4255)

(−0.4156)

(−1.5146)

(−1.7534)

(−1.7364)

Dual

−0.0223***

−0.0227***

−0.0227***

−0.0202**

−0.0208***

−0.0206***

(−2.8099)

(−2.9039)

(−2.8953)

(−2.5335)

(−2.6364)

(−2.6218)

Mgt Holding

−0.0002

−0.0005

−0.0005

−0.0001

−0.0004

−0.0004

(−0.4949)

(−1.4778)

(−1.4886)

(−0.1675)

(−1.1933)

(−1.2125)

Board

0.0052

0.0040

0.0039

0.0101***

0.0090***

0.0088***

(1.6021)

(1.2671)

(1.2374)

(3.1315)

(2.8226)

(2.7709)

Ind Director

0.0011

0.0010

0.0010

0.0012

0.0011

0.0011

(1.3590)

(1.2497)

(1.2545)

(1.4815)

(1.3653)

(1.3742)

Four

−0.0056

−0.0051

−0.0050

0.0141

0.0146

0.0149

(−0.2318)

(−0.2125)

(−0.2064)

(0.5769)

(0.6049)

(0.6159)

Constant

−2.6424***

−2.1401***

−2.1149***

−4.2780***

−3.7632***

−3.7183***

(−20.3379)

(−16.5155)

(−16.2679)

(−32.7232)

(−28.8981)

(−28.4697)

Year FE

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Observations

24865

24865

24865

24865

24865

24865

Adjusted R²

0.3127

0.3311

0.3312

0.4289

0.4456

0.4460