|
| (1) The full sample | (2) State-owned enterprise | (3) Non-state-owned enterprise |
| VARIABLES | ORIRD1 | ORIRD1 | ORIRD1 |
| SUB1t−1 | 0.008*** (2.881) | 0.002 (1.059) | 0.013** (2.551) |
| LNASSET | 0.000*** (3.073) | 0.000 (1.274) | 0.000** (2.438) |
| TOP1 | −0.000** (−2.488) | −0.000** (−2.302) | −0.000 (−1.139) |
| LEV | −0.000 (−0.167) | 0.000 (0.261) | −0.000 (−0.703) |
| ROA | −0.000 (−1.031) | 0.000 (0.507) | −0.001 (−1.467) |
| TOBINQ | 0.000*** (4.215) | 0.000* (1.944) | 0.000*** (3.796) |
| TANGIBILITY | −0.000*** (−2.783) | −0.000*** (−2.815) | −0.000 (−0.927) |
| RE | 0.000*** (3.613) | 0.000 (1.307) | 0.000*** (2.672) |
| ORIRD1t−1 | 0.557*** (16.222) | 0.530*** (9.130) | 0.573*** (14.165) |
| Industry | control | control | control |
| Year | control | control | control |
| Constant | −0.001*** (−2.849) | −0.001 (−0.949) | −0.003** (−2.428) |
| Observations | 11,805 | 5798 | 6007 |
| R-squared | 0.311 | 0.297 | 0.323 |