Variables

Central SOEs

Local SOEs

(1) Layer > 3

(2) Layer ≤ 3

(3) Layer > 2

(4) Layer ≤ 2

RD

RD

RD

RD

Layer

−0.00586***

−0.000948

−0.00473***

0.00120

(−2.621)

(−0.509)

(−2.957)

(0.204)

Size

−0.00194

−0.000892

−0.000699

−0.00193

(−0.721)

(−0.848)

(−0.631)

(−1.215)

Lev

−0.0470***

−0.00818

−6.27e−05

−0.0312***

(−3.603)

(−1.371)

(−0.00883)

(−3.461)

Growth

0.00234

−0.000897

0.00444***

−0.000615

(1.178)

(−1.048)

(4.944)

(−0.475)

Cash

−0.0119

−0.0317*

−0.0479**

0.0202

(−0.285)

(−1.893)

(−2.596)

(0.832)

Top1

−0.000184

−0.000230***

−3.45e−05

−3.31e−05

(−1.132)

(−2.790)

(−0.428)

(−0.287)

Year

controlled

controlled

controlled

controlled

Industry

controlled

controlled

controlled

controlled

Constant

0.0515

0.0270

0.00850

0.0610

(0.729)

(1.133)

(0.328)

(1.646)

Observations

226

541

265

423

R-squared

0.225

0.174

0.298

0.112