Full sample

Non-state-owned enterprises

State-owned enterprises

Adv_dire

0.021

0.03

0.001

(0.91)

(0.68)

(0.12)

Risk-taking

0.004***

0.005***

0

(7.12)

(3.80)

(−0.29)

Adv_dire*Risk-taking

0.011***

0.012***

0.001

(14.22)

(7.63)

(0.09)

Firm_size

0.001

−0.004

0.003***

(0.23)

(−0.60)

(3.32)

Growth

0.008

0.007

0.007***

(1.50)

(0.67)

(3.39)

Lev

0.009***

0.011***

−0.027***

(3.61)

(3.13)

(−6.00)

Age

−0.016

−0.007

−0.008**

(−1.66)

(−0.42)

(−2.06)

Constant

0.059

0.138

−0.031

(0.79)

(0.91)

(−1.14)

Year

YES

YES

YES

Industries

YES

YES

YES

Adj. R2

0.886

0.892

0.156

Observations

8362

4363

3829