Distort 4 |
|
|
| 0.005* |
SOE | −0.008*** | −0.009*** | −0.005*** | −0.001 |
SCF | 0.130*** | 0.131*** | 0.132*** | 0.130*** |
Distort 1 SOE | 0.002 |
|
|
|
Distort 1 SOE SCF | 0.010 |
|
|
|
Distort 2 SOE |
| 0.003 |
|
|
Distort 2 SOE SCF |
| 0.007 |
|
|
Distort 3 SOE |
|
| −0.0004* |
|
Distort 3 SOE SCF |
|
| 0.0007 |
|
Distort 4 SOE |
|
|
| −0.010** |
Distort 4 SOE SCF |
|
|
| 0.019 |
cash | 0.027*** | 0.027*** | 0.027*** | 0.028*** |
ROA | 0.03*** | 0.036*** | 0.037*** | 0.0356*** |
growth | −0.001 | −0.001 | −0.001 | −0.001 |
ret | −0.001 | 0.000 | −0.001 | −0.001 |
top1 | 0.003 | 0.003 | 0.003 | 0.003 |
top9_1 | 0.001 | 0.001 | 0.001 | 0.001 |
tpay | −0.002*** | −0.002*** | −0.002*** | −0.002*** |
cons | 0.063*** | 0.063*** | 0.059*** | 0.059*** |
industry | Control | |||
Year | Control | |||
N | 5301 | 5301 | 5284 | 5296 |
R-squared | 0.115 | 0.1153 | 0.115 | 0.1151 |
AdjR-squared | 0.1093 | 0.1095 | 0.1093 | 0.1094 |
F | 20.12 | 20.18 | 20.06 | 20.13 |