(1)

(2)

(3)

(4)

TFP-OP

TFP-LP

SOE

Non SOE

SOE

Non SOE

DT

0.0381**

0.0089

0.0541**

0.0231**

−2.3749

−0.9893

−3.3988

−2.5123

Size

0.3831**

0.4091**

0.5360**

0.5655**

−36.9225

−56.0058

−52.0329

−76.1978

LEV

0.0624*

0.0227*

0.1341**

0.0229*

−1.774

−1.8296

−3.8427

−1.8191

ROA

0.2258**

0.0169

0.2219**

0.0207

−8.0048

−1.0941

−7.9237

−1.3182

Fix

−0.8250**

−1.2455**

−1.1209**

−1.4560**

(−15.9605)

(−29.3897)

(−21.8405)

(−33.8193)

Stock

0.1619**

0.1975**

0.1684**

0.3169**

−5.2553

−8.1109

−5.5067

−12.807

Cash

0.2373**

0.0119

0.2303**

0.0379

−4.2161

−0.3826

−4.1205

−1.1998

FC

0.0633**

−0.0112

0.0142

−0.0300**

−3.5317

(−0.9133)

−0.7961

(−2.4105)

Age

0.0146**

0.0257**

−0.0003

0.0146**

−7.0586

−13.859

(−0.1273)

−7.7358

Balance

0.0282*

−0.008

0.016

−0.0154

−1.7998

(−0.8263)

−1.0288

(−1.5683)

Dual

0.0077

−0.0285**

−0.0039

−0.0232**

−0.5005

(−3.0664)

(−0.2584)

(−2.4520)

Mgt Holding

−0.0005

0.0004

−0.0023

0.0007*

(−0.1816)

−1.1928

(−0.8325)

−1.8407

Board

0.0068

0.0081*

0.0124**

0.0118**

−1.4576

−1.853

−2.6652

−2.6581

Ind Director

0.0007

0.0025**

0.0013

0.0023**

−0.5954

−2.376

−1.1432

−2.2144

Four

−0.017

0.0225

−0.0204

0.0652*

(−0.4924)

−0.6621

(−0.5929)

−1.8935

Constant

−2.0286**

−2.8170**

−3.4929**

−4.4328**

(−8.8885)

(−17.4327)

(−15.4145)

(−27.0031)

Year FE

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Observations

8339

16526

8339

16526

Adjusted R²

0.261

0.3306

0.3746

0.444