(1) State-owned enterprise

(2 Non-state-owned enterprise

(3) State-owned enterprise

(4) Non-state-

owned enterprise

VARIABLES

ORIRD1

ORIRD1

ORIRD1

ORIRD1

TIME

0.000* (1.81)

0.001*** (2.968)

HHI

0.000 (1.022)

−0.000 (−1.423)

0.000 (1.380)

−0.000 (−0.324)

SUB1t−1,

−0.004 (−0.332)

0.051 (1.128)

−0.007 (−0.573)

0.080* (1.667)

TH

−0.000 (−1.388)

0.000*** (−2.896)

TSUBt−1

0.009 (0.376)

−0.072** (−2.293)

HSUBt−1

0.001 (0.561)

−0.003 (−0.706)

0.001 (0.781)

−0.006 (−1.275)

THSUBt−1

−0.001 (−0.462)

0.007** (2.009)

LNAASET

0.000 (0.228)

0.000** (2.165)

0.000 (0.220)

0.000** (2.139)

TOP1

−0.000** (−2.295)

−0.000 (−1.573)

−0.000** (−2.298)

−0.000 (−1.584)

LEV

0.000 (1.256)

−0.000 (−1.310)

0.000 (1.288)

−0.000 (−1.281)

ROA

0.000 (0.535)

−0.001* (−1.888)

0.000 (0.530)

−0.001* (−1.886)

TOBINQ

0.000* (1.855)

0.000*** (3.733)

0.000* (1.873)

0.000*** (3.755)

TANGIBILITY

0.001*** (−3.337)

−0.000 (−1.383)

0.001*** (−3.351)

−0.000 (−1.324)

RE

0.000 (1.400)

0.001*** (2.983)

0.000 (1.426)

0.001*** (3.028)

INVENTION

0.000** (2.356)

0.000** (2.554)

0.000** (2.367)

0.000*** (2.583)

(−0.573)

(0.133)

(−0.573)

(0.113)

Industry

control

control

control

control

Constant

−0.000 (−0.354)

−0.003* (−1.838)

−0.000 (−0.450)

−0.004* (−1.955)

Observations

5798

6007

5798

6007

R-squared

0.048

0.069

0.048

0.070