(1)

(2)

(3)

(4)

(5)

(6)

TFP-OP

TFP-LP

DT

0.0195**

0.0045

0.0339***

0.0209***

(2.4814)

(0.5780)

(4.2835)

(2.6510)

Degree

0.0050***

0.0050***

0.0019***

0.0019***

(17.3035)

(17.2817)

(6.4027)

(6.3308)

Size

0.4104***

0.3902***

0.3899***

0.5690***

0.5542***

0.5530***

(70.3928)

(67.8598)

(67.6327)

(96.9921)

(95.1286)

(94.6903)

LEV

0.0492***

0.1376***

0.1376***

0.0554***

0.1581***

0.1582***

(4.3850)

(10.0825)

(10.0833)

(4.9005)

(11.4353)

(11.4416)

ROA

0.0558***

0.1322***

0.1322***

0.0678***

0.1459***

0.1460***

(4.3870)

(9.8121)

(9.8132)

(5.2962)

(10.6875)

(10.6951)

Fix

−1.0883***

−0.9487***

−0.9482***

−1.3171***

−1.2440***

−1.2414***

(−33.1839)

(−29.3027)

(−29.2715)

(−39.9131)

(−37.9256)

(−37.8341)

Stock

0.1891***

0.2033***

0.2034***

0.2701***

0.2631***

0.2635***

(9.9090)

(10.8409)

(10.8446)

(14.0657)

(13.8468)

(13.8680)

Cash

0.0360

0.0219

0.0224

0.0469*

0.0398

0.0422

(1.3409)

(0.8249)

(0.8439)

(1.7348)

(1.4818)

(1.5708)

FC

−0.0104

0.0400***

0.0400***

−0.0350***

0.0041

0.0042

(−1.1018)

(3.3428)

(3.3437)

(−3.6988)

(0.3386)

(0.3430)

Age

0.0193***

0.0165***

0.0164***

0.0065***

0.0068***

0.0064***

(14.1743)

(12.3368)

(12.1837)

(4.7228)

(5.0122)

(4.6676)

SOE

−0.0839***

−0.0883***

−0.0882***

−0.0626***

−0.0677***

−0.0672***

(−4.8978)

(−5.3421)

(−5.3340)

(−3.6356)

(−4.0461)

(−4.0119)

Balance

−0.0018

0.0045

0.0045

−0.0122

−0.0029

−0.0027

(−0.2244)

(0.5754)

(0.5799)

(−1.5146)

(−0.3660)

(−0.3452)

Dual

−0.0223***

−0.0247***

−0.0247***

−0.0202**

−0.0248***

−0.0247***

(−2.8099)

(−3.2012)

(−3.1999)

(−2.5335)

(−3.1676)

(−3.1623)

Mgt Holding

−0.0002

−0.0005

−0.0005

−0.0001

−0.0003

−0.0003

(−0.4949)

(−1.4721)

(−1.4726)

(−0.1675)

(−1.0730)

(−1.0753)

Board

0.0052

0.0056*

0.0056*

0.0101***

0.0104***

0.0102***

(1.6021)

(1.8019)

(1.7896)

(3.1315)

(3.2967)

(3.2421)

Ind Director

0.0011

0.0012

0.0012

0.0012

0.0013*

0.0013*

(1.3590)

(1.6428)

(1.6421)

(1.4815)

(1.7056)

(1.7025)

Four

−0.0056

−0.0069

−0.0069

0.0141

0.0129

0.0131

(−0.2318)

(−0.2978)

(−0.2961)

(0.5769)

(0.5463)

(0.5539)

Constant

−2.6424***

−2.3474***

−2.3415***

−4.2780***

−4.0540***

−4.0269***

(−20.3379)

(−18.4468)

(−18.3430)

(−32.7232)

(−31.4459)

(−31.1423)

Year FE

Y

Y

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Y

Y

Observations

24865

24209

24209

24865

24209

24209

Adjusted R²

0.3127

0.3355

0.3354

0.4289

0.4433

0.4434