variable

(1)

(2)

(3)

(4)

(5)

Full sample

State group

Non-state group

Large asset scale group

Small asset size group

Intercept term

0.087***

(3.345)

0.075***

(3.214)

0.094***

(3.875)

0.085***

(3.575)

0.093***

(3.864)

EPU

−0.058***

(−3.274)

−0.020**

(−2.132)

−0.035***

(−3.987)

−0.021***

(−2.213)

−0.039***

(−4.012)

CV

control

control

control

control

control

Year and Indus

control

control

control

control

control

variance ratio

65.452***

72.673***

71.537***

73.678***

89.853***

ADJ.R²

0.063

0.076

0.073

0.081

0.098

Number of observations

4127

1917

2210

2064

2063