| Variables | (1) | (2) | (3) |
| Full Sample | Central SOEs | Local SOEs | |
| RD | RD | RD | |
| Layer | −0.000365 | −0.000439 | −0.00153** |
|
| (−1.002) | (−0.934) | (−2.210) |
| Size | −0.000916** | −0.000760 | −0.00121** |
|
| (−2.254) | (−1.351) | (−1.985) |
| Lev | −0.00333 | −0.00169 | −0.00246 |
|
| (−1.430) | (−0.534) | (−0.696) |
| Growth | 0.000416 | 0.000357 | −1.83e−05 |
|
| (1.278) | (0.784) | (−0.0368) |
| Cash | 0.00805 | 0.00810 | 0.0142 |
|
| (1.219) | (0.867) | (1.481) |
| Top1 | 1.82e−05 | −9.42e−05** | 8.59e−05** |
|
| (0.635) | (−2.224) | (1.996) |
| Year | control | control | control |
| Industry | control | control | control |
| Constant | 0.0189** | 0.0151 | 0.0282** |
|
| (2.028) | (1.152) | (2.031) |
| Observations | 1455 | 767 | 688 |
| R-squared | 0.098 | 0.118 | 0.097 |