Net Income

Operating Profit

2-46-8

(1)

(2)

(3)

(4)

(5)

(6)

2-8

Full Sample

State

Private

Full Sample

State

Private

FE

0.124***

0.169***

0.116***

0.125***

0.175***

0.117***

(11.11)

(10.07)

(7.90)

(10.91)

(10.11)

(7.76)

Central

−0.245***

−0.269***

−0.252***

−0.248***

−0.275***

−0.260***

(−17.45)

(−14.06)

(−11.71)

(−17.03)

(−13.87)

(−11.79)

West

−0.212***

−0.278***

−0.158***

−0.200***

−0.280***

−0.140***

(−14.39)

(−14.25)

(−6.70)

(−13.06)

(−13.68)

(−5.79)

Lshare

−0.00492***

−0.00669***

−0.00360***

−0.00504***

−0.00677***

−0.00382***

(−13.83)

(−13.48)

(−7.02)

(−13.70)

(−13.09)

(−7.24)

Duality

0.0706***

0.0688***

0.104***

0.0739***

0.0941***

0.105***

(5.62)

(2.59)

(6.94)

(5.72)

(3.45)

(6.83)

Indd

−0.175*

−0.259**

0.161

−0.243**

−0.317**

0.0934

(−1.84)

(−2.00)

(1.19)

(−2.50)

(−2.38)

(0.68)

Leverage

0.0645

−0.0802

0.254*

0.00911

−0.182**

0.281*

(1.05)

(−1.20)

(1.80)

(0.14)

(−2.57)

(1.91)

LnSize

0.109***

0.0744***

0.120***

0.107***

0.0721***

0.113***

(18.92)

(9.08)

(13.08)

(17.86)

(8.70)

(11.57)

LnNI

0.157***

0.161***

0.164***

(30.43)

(22.69)

(21.12)

LnOP

0.150***

0.153***

0.156***

(28.23)

(21.62)

(19.03)

_cons

8.856***

9.643***

8.267***

9.056***

9.871***

8.563***

(96.81)

(80.97)

(54.52)

(95.34)

(79.25)

(53.95)

N

12480

5814

6666

11605

5298

6307

Adjusted R²

0.38

0.42

0.34

0.37

0.41

0.32