| 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 |