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