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 |