| Variables | State-Owned | Non-state |
| Constant | 0.085 (2.28***) | 0.169 (3.17***) |
| Green | −0.005 (−1.14) | −0.014 (−1.80*) |
| Size | −0.003 (−1.73**) | −0.007 (−2.89***) |
| LEV | −0.002 (−0.34*) | −0.005 (−0.62) |
| ROA | 0.003 (0.42*) | 0.017 (1.74*) |
| Inver | 0.009 (2.18**) | 0.025 (3.91***) |
| F-value | 1.448*** | 3.837*** |
| Adj-R2 | 0.012 | 0.051 |
| N | 792 | 484 |