(1)

(2)

(3)

Variables

Full Sample

Central SOEs

Local SOEs

RD

RD

RD

Layer

−0.000331

−0.000198

−0.00356***

(−0.524)

(−0.240)

(−3.022)

Size

−0.000546

−5.87e−05

−0.00122

(−0.774)

(−0.0594)

(−1.180)

Lev

−0.0183***

−0.0183***

−0.0161***

(−4.541)

(−3.290)

(−2.690)

Growth

0.00155***

0.000363

0.00207**

(2.746)

(0.454)

(2.446)

Cash

−0.0261**

−0.0311*

−0.0143

(−2.276)

(−1.894)

(−0.880)

Top1

−9.46e−05*

−0.000254***

−7.37e−05

(−1.905)

(−3.421)

(−1.010)

Year

controlled

controlled

controlled

Industry

controlled

controlled

controlled

Constant

0.0182

0.00765

0.0412*

(1.129)

(0.333)

(1.750)

Observations

1455

767

688

R-squared

0.121

0.155

0.116