Variables | Central SOEs | Local SOEs | ||
(1) Layer > 3 | (2) Layer ≤ 3 | (3) Layer > 2 | (4) Layer ≤ 2 | |
RD | RD | RD | RD | |
Layer | −0.00214* | 0.000118 | −0.00488*** | 0.00395 |
| (−1.819) | (0.104) | (−3.793) | (1.277) |
Size | −0.00117 | −0.00117* | −0.000529 | −0.00162* |
| (−0.824) | (−1.824) | (−0.593) | (−1.941) |
Lev | −0.0154** | 0.00400 | 0.00736 | −0.0120** |
| (−2.234) | (1.102) | (1.291) | (−2.544) |
Growth | 0.00149 | −0.000173 | 0.000515 | −0.00118* |
| (1.429) | (−0.332) | (0.713) | (−1.744) |
Cash | 0.00764 | 0.0113 | −0.00943 | 0.0349*** |
| (0.349) | (1.110) | (−0.637) | (2.741) |