| M1’ INNO_TR | M2’ PRESTIGE | M3’ INNO_TR | M4’ INNO_TR | M5’ INNO_TR | M6’ POWER | M7’ INNO_TR |
OVERSEA_T | 0.981** | 0.029** | 0.945** | 0.601 | 0.569 | 0.022** | 0.934** |
| −2.43 | −2.32 | −2.33 | −1.58 | −1.5 | −2.16 | −2.31 |
PRESTIGE |
|
| 1.266*** |
| 1.154*** |
|
|
|
|
| −3.21 |
| −2.95 |
|
|
POWER |
|
|
|
|
|
| 2.123*** |
|
|
|
|
|
|
| −4.48 |
GOVENMENT_S_N |
|
|
| 15.045*** | 14.638*** |
|
|
|
|
|
| −6.08 | −5.87 |
|
|
OVERSEA_T * GOVENMENT_S_N |
|
|
| 2.483*** | 2.513*** |
|
|
|
|
|
| −2.86 | −2.89 |
|
|
SOE | −25.498*** | −0.640** | −24.688*** | −21.881*** | −21.138*** | −0.255 | −24.957*** |
| −3.60 | −2.36 | −3.48 | −3.19 | −3.08 | −1.11 | −3.53 |
SCALE | 27.430*** | 0.293*** | 27.059*** | 25.565*** | 25.254*** | 0.274*** | 26.848*** |
| −16.6 | −7.1 | −16.48 | −15.99 | −15.9 | −7.91 | −16.47 |
AGE | −0.483** | −0.005 | −0.477** | −0.283 | −0.279 | −0.003 | −0.478** |
| −2.22 | −0.56 | −2.19 | −1.31 | −1.29 | −0.35 | −2.20 |
DUAL | 11.743*** | −0.029 | 11.780*** | 9.969*** | 10.002*** | 0.014 | 11.714*** |
| −5.34 | −0.31 | −5.36 | −4.53 | −4.54 | −0.18 | −5.35 |
BOARD | 0.641 | 0.262*** | 0.31 | 0.019 | −0.275 | 0.270*** | 0.067 |
| −0.67 | −8.09 | −0.33 | −0.02 | −0.31 | −10.01 | −0.07 |
YEAR | Y | Y | Y | Y | Y | Y | Y |
INDU | Y | Y | Y | Y | Y | Y | Y |
CONS | −220.545*** | 0.018 | −220.568*** | −207.466*** | −207.538*** | −1.528*** | −217.299*** |
| −14.01 | −0.04 | −14.06 | −14.24 | −14.29 | −3.67 | −14.08 |
N | 5608 | 5608 | 5608 | 5608 | 5608 | 5608 | 5608 |
R2 | 0.205 | 0.06 | 0.207 | 0.224 | 0.226 | 0.078 | 0.209 |
F | 15.78 | 11.546 | 15.349 | 15.144 | 14.771 | 14.099 | 15.377 |