Variable

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

SOEs

Non-SOEs

FB

Non-FB

Dual position

Two positions separately

HHI high

HHI low

L.MPU

−0.030

−0.048**

−0.037*

−0.028

−0.023

−0.037*

−0.036

−0.047*

(−1.33)

(−2.01)

(−1.67)

(−0.92)

(−0.58)

(−1.96)

(−1.56)

(−1.84)

Constant

0.477***

0.556***

0.582***

0.119

0.735***

0.413***

0.483***

0.335***

(4.14)

(5.57)

(6.52)

(1.04)

(4.35)

(4.94)

(4.70)

(2.92)

Firm controls

YES

YES

YES

YES

YES

YES

YES

YES

Macroeconomic controls

YES

YES

YES

YES

YES

YES

YES

YES

Firm-fixed effect

YES

YES

YES

YES

YES

YES

YES

YES

Observations

8804

13,050

14,731

7123

5305

16,238

11,405

10,449

R²

0.119

0.173

0.156

0.114

0.197

0.122

0.125

0.166