Variable

State-Owned

Private

Model 1

Model 2

Model 3

Model 1

Model 2

Model 3

Coefficient

Coefficient

Coefficient

Coefficient

Coefficient

Coefficient

(T value)

(T value)

(T value)

(T value)

(T value)

(T value)

CSR

1.152***

0.291***

0.568***

1.081***

0.217***

0.871***

(5.25)

(11.73)

(2.61)

(10.80)

(11.83)

(8.98)

IC

2.001***

0.971***

(11.02)

(11.27)

Size

3.747***

0.211***

3.103***

0.658***

0.098***

0.562***

(12.21)

(14.64)

(10.79)

(4.86)

(6.02)

(4.27)

Con

3.591**

0.103

3.277**

1.678***

0.356***

1.332**

(2.29)

(0.98)

(2.16)

(3.09)

(3.44)

(2.50)

Board

−2.827**

−0.154*

−2.356**

0.510

−0.001

0.511

(−2.20)

(−1.72)

(−1.91)

(0.88)

(−0.01)

(0.91)

DD

6.134

−0.386

7.310*

3.450*

−0.191

3.636*

(1.21)

(−1.10)

(1.51)

(1.49)

(−0.52)

(1.60)

Risk

−1.100***

−0.020*

−1.038***

−0.363***

−0.036**

−0.328***

(−9.92)

(−1.89)

(−9.53)

(−6.11)

(−2.27)

(−5.62)

Growth

0.621*

0.492***

−0.883**

0.684***

0.345***

0.349*

(1.33)

(10.10)

(−1.95)

(3.43)

(8.31)

(1.71)

Dual

1.309*

−0.043

1.441**

−0.175

−0.024

−0.152

(1.77)

(−0.80)

(2.02)

(−1.28)

(−0.77)

(−1.13)

Constant

−79.496***

−4.049***

−67.143***

−16.684***

−1.794***

−14.941***

(−11.14)

(−11.93)

(−9.91)

(−4.97)

(−3.98)

(−4.59)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Observations

3768

3768

3768

3804

3804

3804

F Value

24.83***

70.50***

27.26***

21.60***

53.18***

26.64***

R²

0.191

0.202

0.233

0.126

0.158

0.161