| Regression Results | ||
|
| Private | State-owned |
| f_CEO_fturnover | f_CEO_fturnover | |
| highETR | 0.208 | 0.103 |
|
| (1.56) | (1.19) |
| lowETR | 0.680*** | 0.190** |
|
| (5.12) | (2.16) |
| size | −0.102** | 0.014 |
|
| (−2.27) | (0.56) |
| leverage | 1.102** | −0.134 |
|
| (2.16) | (−0.44) |
| dsales | −0.022 | −0.125 |
|
| (−0.10) | (−0.83) |
| dROA | −0.112 | −0.004 |
|
| (−0.49) | (−0.01) |
| duality | 0.667*** | 0.438*** |
|
| (6.98) | (3.93) |
| meat_beat | −0.286*** | −0.151** |
|
| (−2.66) | (−2.08) |
| Industry | Control | Control |
| Year | Control | Control |
| _cons | −1.439 | −2.645*** |
|
| (−1.41) | (−4.17) |
| N | 6583 | 7353 |