Variable | (1) RD | (2) RD | RD | |
(3) State-owned | (4) Non-state owned | |||
Pd | −0.03*** (−1.92) |
|
|
|
Pr |
| −0.003** (−2.03) | −0.011*** (−1.72) | −0.006 (−0.57) |
Size | 0.01* (0.61) | 0.01*** (4.94) | −0.004*** (−5.87) | −0.053*** (−4.9) |
Lev | −0.00 (−0.08) | −0.00 (−1.13) | −0.028*** (−3.89) | −0.063*** (−10.41) |
Cfo | 0.03* (0.41) | 0.01** (1.92) | −0.04* (−3.49) | −0.022 (−1.83) |
Growth | 0.00* (0.65) | 0.01** (12.16) | 0.003** (3.16) | 0.001 (0.90) |
Independ | −0.07 (−0.67) | 0.02** (2.09) | 0.005 (0.28) | 0.040** (2.26) |
Ind/year | Yes | Yes | Yes | Yes |
Observation | 10056 | 10056 | 10056 | 10056 |
R-sq | 0.01 | 0.05 | 0.064 | 0.1136 |