M1

INNO_T

M2

PRESTIGE

M3

INNO_T

M4

INNO_T

M5

INNO_T

M6

POWER

M7

INNO_T

OVERSEA_T

2.771**

0.029**

2.656**

1.855

1.774

0.022**

2.621**

−2.13

−2.32

−2.04

−1.46

−1.39

−2.16

−2.01

PRESTIGE

3.975***

3.271**

−3.1

−2.57

POWER

6.687***

−4.34

GOVENMENT_T_P

22.926***

22.282***

−6.46

−6.22

OVERSEA_T * GOVENMENT_T_P

4.538***

4.515***

−3.4

−3.37

SOE

−87.956***

−0.640**

−85.414***

−83.028***

−80.955***

−0.255

−86.253***

−3.96

−2.36

−3.84

−3.86

−3.76

−1.11

−3.89

SCALE

87.428***

0.293***

86.265***

81.771***

80.920***

0.274***

85.597***

−16.46

−7.1

−16.36

−15.7

−15.66

−7.91

−16.35

AGE

−1.425**

−0.005

−1.406**

−0.69

−0.685

−0.003

−1.408**

−2.03

−0.56

−2.01

−1.00

−0.99

−0.35

−2.02

DUAL

40.362***

−0.029

40.478***

35.439***

35.610***

0.014

40.269***

−5.64

−0.31

−5.65

−4.97

−4.99

−0.18

−5.64

BOARD

2.253

0.262***

1.212

−0.717

−1.519

0.270***

0.444

−0.73

−8.09

−0.4

−0.24

−0.53

−10.01

−0.15

YEAR

Y

Y

Y

Y

Y

Y

Y

INDU

Y

Y

Y

Y

Y

Y

Y

CONS

−698.862***

0.018

−698.936***

−657.901***

−658.490***

−1.528***

−688.642***

−13.77

−0.04

−13.83

−13.72

−13.76

−3.67

−13.85

N

5608

5608

5608

5608

5608

5608

5608

R2

0.201

0.06

0.203

0.221

0.222

0.078

0.205

F

15.643

11.546

15.235

15.226

14.872

14.099

15.248