| Variables | Industry competition | |
| Coefficient | Z value | |
| Unrelate | 1.985*** | 4.43 |
| Unrelate*Competition | 9.331*** | 3.18 |
| Competition | 0.146 | 0.56 |
| Related | 0.001 | 0.01 |
| Dual | 0.07 | 1.01 |
| Property | −0.483*** | −6.13 |
| First | −0.002 | −0.88 |
| Lndep | 0.262 | 0.41 |
| Board | −0.012 | −0.58 |
| ESH | −0.252 | −1.47 |
| Overcon | −0.318 | −1.1 |
| Cash | −0.242 | −0.93 |
| Intang | −0.48 | −0.85 |
| Tobinq | 0.014 | 0.37 |
| OCF | −4.919** | −2.53 |
| Size | −0.032 | −0.89 |
| ROA | −0.092 | −0.05 |
| Lev | −0.123 | −0.47 |
| Growth | −0.128 | −1.09 |
| Accrual | −4.686** | −2.4 |
| FC | −0.042 | −1.61 |
| Bedrivers | −0.286** | −2.34 |
| _cons | 0.998 | 1.16 |
| N | 7464 | |
| chi2 | 244.604 | |