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***

0.193***

0.124***

0.125***

0.199***

0.126***

(11.12)

(10.80)

(8.16)

(10.92)

(10.94)

(8.03)

Central

−0.245***

−0.273***

−0.253***

−0.247***

−0.279***

−0.262***

(−17.45)

(−14.24)

(−11.74)

(−17.03)

(−14.02)

(−11.82)

West

−0.212***

−0.277***

−0.158***

−0.200***

−0.277***

−0.140***

(−14.39)

(−14.23)

(−6.67)

(−13.06)

(−13.55)

(−5.75)

Lshare

−0.00492***

−0.00673***

−0.00361***

−0.00504***

−0.00679***

−0.00385***

(−13.82)

(−13.54)

(−7.06)

(−13.70)

(−13.12)

(−7.30)

Duality

0.0706***

0.0711***

0.105***

0.0739***

0.0961***

0.106***

(5.63)

(2.68)

(6.97)

(5.72)

(3.53)

(6.86)

Indd

−0.175*

−0.252*

0.157

−0.243**

−0.304**

0.0866

(−1.84)

(−1.95)

(1.16)

(−2.51)

(−2.30)

(0.63)

Leverage

0.0645

−0.0774

0.259*

0.00931

−0.181**

0.288**

(1.05)

(−1.16)

(1.85)

(0.14)

(−2.57)

(1.97)

LnSize

0.109***

0.0779***

0.119***

0.107***

0.0753***

0.112***

(18.86)

(9.51)

(12.98)

(17.84)

(9.13)

(11.48)

LnNI

0.157***

0.158***

0.163***

(30.37)

(22.04)

(21.00)

FE*lnNI

0.00114

−0.0345***

0.0306***

(0.15)

(−3.48)

(2.63)

LnOP

0.150***

0.150***

0.155***

(28.22)

(21.20)

(18.81)

FE*lnOP

0.00219

−0.0332***

0.0286**

(0.30)

(−3.34)

(2.40)

_cons

8.857***

9.633***

8.301***

9.059***

9.848***

8.604***

(97.10)

(81.64)

(54.75)

(95.66)

(79.73)

(54.06)

N

12480

5814

6666

11605

5298

6307

Adjusted R²

0.382

0.426

0.342

0.367

0.413

0.324