(1)

TFP-OP

(2)

TFP-LP

(3)

TFP-OP

(4)

TFP-LP

DT_FX

0.0402**

0.0644**

(2.0130)

(3.2081)

DT_F

0.0473*

0.0697**

(1.6990)

(2.4889)

Size

0.4107**

0.5697**

0.4109**

0.5701**

(70.5107)

(97.1812)

(70.5758)

(97.2858)

LEV

0.0491**

0.0550**

0.0490**

0.0550**

(4.3691)

(4.8697)

(4.3675)

(4.8645)

ROA

0.0556**

0.0675**

0.0556**

0.0674**

(4.3746)

(5.2722)

(4.3735)

(5.2684)

Fix

−1.0891**

−1.3189**

−1.0894**

−1.3197**

(−33.2109)

(−39.9633)

(−33.2163)

(−39.9793)

Stock

0.1886**

0.2692**

0.1889**

0.2698**

(9.8818)

(14.0179)

(9.8995)

(14.0439)

Cash

0.0356

0.0460*

0.0358

0.0460*

(1.3276)

(1.7023)

(1.3335)

(1.7019)

FC

−0.0104

−0.0352**

−0.0105

−0.0352**

(−1.1110)

(−3.7154)

(−1.1119)

(−3.7176)

Age

0.0195**

0.0068**

0.0196**

0.0071**

(14.3769)

(5.0096)

(14.5085)

(5.1838)

SOE

−0.0844**

−0.0635**

−0.0841**

−0.0630**

(−4.9267)

(−3.6844)

(−4.9093)

(−3.6581)

Balance

−0.0018

−0.0123

−0.0020

−0.0125

(−0.2301)

(−1.5248)

(−0.2442)

(−1.5459)

Dual

−0.0222**

−0.0201**

−0.0221**

−0.0200**

(−2.8006)

(−2.5197)

(−2.7883)

(−2.5041)

Mgt Holding

−0.0002

−0.0000

−0.0002

−0.0001

(−0.4781)

(−0.1393)

(−0.4922)

(−0.1605)

Board

0.0052

0.0102**

0.0052

0.0102**

(1.6121)

(3.1511)

(1.6036)

(3.1411)

Ind Director

0.0011

0.0012

0.0010

0.0011

(1.3643)

(1.4892)

(1.3489)

(1.4653)

Four

−0.0054

0.0144

−0.0054

0.0144

(−0.2237)

(0.5888)

(−0.2234)

(0.5873)

Constant

−2.6510**

−4.2953**

−2.6561**

−4.3052**

(−20.4237)

(−32.8832)

(−20.4759)

(−32.9775)

Year FE

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y

Observations

24865

24865

24865

24865

Adjusted R²

0.3127

0.4287

0.3126

0.4286