(1)

(2)

(3)

(4)

TFP-OP

TFP-LP

high-tech

non-high-tech

high-tech

non-high-tech

DT

−0.0006

0.1035**

0.0120

0.1187**

(−0.0784)

(4.6273)

(1.5512)

(5.3373)

Size

0.3599**

0.4675**

0.5227**

0.6209**

(52.0763)

(46.6480)

(74.1967)

(62.3418)

LEV

0.0093

0.0510**

0.0415**

0.0446**

(0.5429)

(3.0938)

(2.3897)

(2.7255)

ROA

0.3445**

0.0235

0.3690**

0.0199

(13.6420)

(1.3045)

(14.3329)

(1.1118)

Fix

−1.1882**

−0.9353**

−1.4374**

−1.1514**

(−30.5491)

(−16.7356)

(−36.2536)

(−20.7303)

Stock

0.2941**

0.1215**

0.4207**

0.1796**

(10.2084)

(4.4457)

(14.3249)

(6.6106)

Cash

−0.0765**

0.2150**

−0.0614**

0.2479**

(−2.5856)

(4.1689)

(−2.0347)

(4.8373)

FC

0.0577**

0.0157

0.0226

−0.0059

(4.2703)

(1.0384)

(1.6401)

(−0.3948)

Age

0.0302**

0.0060**

0.0174**

−0.0070**

(18.9852)

(2.5244)

(10.7542)

(−2.9786)

SOE

−0.0631**

−0.1254**

−0.0429**

−0.1018**

(−3.2624)

(−4.0517)

(−2.1755)

(−3.3108)

Balance

0.0005

0.0050

−0.0069

−0.0085

(0.0535)

(0.3424)

(−0.7460)

(−0.5938)

Dual

−0.0233**

−0.0245*

−0.0137

−0.0350**

(−2.6268)

(−1.6826)

(−1.5214)

(−2.4188)

Mgt Holding

−0.0003

0.0000

−0.0002

0.0004

(−0.7774)

(0.0169)

(−0.5351)

(0.6737)

Board

0.0090**

−0.0006

0.0115**

0.0080

(2.4294)

(−0.1040)

(3.0290)

(1.4307)

Ind Director

−0.0002

0.0024*

−0.0002

0.0028**

(−0.2177)

(1.7792)

(−0.2340)

(2.0474)

Four

0.0187

−0.0349

0.0449

−0.0193

(0.6491)

(−0.8444)

(1.5330)

(−0.4693)

Constant

−1.7222**

−3.6647**

−3.4275**

−5.2458**

(−11.2460)

(−16.2996)

(−21.9553)

(−23.4774)

Year FE

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Observations

14884

9981

14884

9981

Adjusted R²

0.3844

0.2663

0.4924

0.3837