Full sample

Non-state-owned enterprises

State-owned enterprises

Adv_dire

22.372***

41.583***

0.423

(2.77)

(2.73)

(0.22)

Firm_size

2.960***

9.066***

0.168

(3.00)

(4.58)

(0.72)

Growth

−2.887*

−2.898

−0.471

(−1.73)

(−0.97)

(−1.10)

Lev

59.214***

60.002***

−0.133

(112.26)

(82.72)

(−0.14)

Age

−14.481***

−21.505***

1.139

(−5.00)

(−4.33)

(1.34)

First

−0.172**

−0.335**

0.006

(−2.28)

(−2.32)

(0.33)

Dual

−7.704***

−9.613**

0.569

(−2.75)

(−2.08)

(0.63)

Board_size

−16.721***

−40.164***

−1.848

(−2.65)

(−3.13)

(−1.28)

Indep

−48.193**

−83.069*

−3.398

(−2.09)

(−1.81)

(−0.63)

Constant

−2.884

−60.106

6.49

(−0.11)

(−1.07)

(1.03)

Year and Industries

YES

YES

YES

Adj.R²

0.621

0.631

0.194

Observations

8362

4363

3829