State

Private

2-46-8

(1)

(2)

(3)

(4)

(5)

(6)

2-8

FE

FE-SC

FE-Exe

FE

FE-SC

FE-Exe

FE

0.193***

0.124***

(10.80)

(8.16)

FE-SC

0.169***

0.102***

(8.10)

(4.83)

FE-Exe

0.243***

0.0711***

(4.16)

(2.99)

Central

−0.273***

−0.286***

−0.283***

−0.253***

−0.249***

−0.238***

(−14.24)

(−13.89)

(−14.02)

(−11.74)

(−10.29)

(−10.84)

West

−0.277***

−0.304***

−0.279***

−0.158***

−0.157***

−0.151***

(−14.23)

(−14.99)

(−13.95)

(−6.67)

(−5.81)

(−6.16)

Lshare

−0.00673***

−0.00628***

−0.00696***

−0.00361***

−0.00338***

−0.00327***

(−13.54)

(−11.99)

(−13.33)

(−7.06)

(−5.77)

(−6.27)

Duality

0.0711***

0.0770***

0.0678**

0.105***

0.102***

0.0948***

(2.68)

(2.71)

(2.50)

(6.97)

(5.80)

(6.23)

Indd

−0.252*

−0.137

−0.291**

0.157

0.221

0.208

(−1.95)

(−0.98)

(−2.15)

(1.16)

(1.43)

(1.50)

Leverage

−0.0774

−0.0842

−0.0868

0.259*

0.281*

0.210

(−1.16)

(−1.20)

(−1.27)

(1.85)

(1.89)

(1.46)

Lnsize

0.0779***

0.0834***

0.0827***

0.119***

0.123***

0.118***

(9.51)

(9.63)

(9.57)

(12.98)

(12.72)

(12.76)

LnNI

0.158***

0.158***

0.161***

0.163***

0.153***

0.168***

(22.04)

(21.21)

(20.95)

(21.00)

(18.81)

(21.39)

FE*lnNI

−0.0345***

0.0306***

(−3.48)

(2.63)

FE-SC*lnNI

0.0166

0.0363**

(1.30)

(2.38)

FE-Exe*lnNI

−0.0985***

−0.0342*

(−3.10)

(−1.72)

_cons

9.633***

9.490***

9.525***

8.301***

8.385***

8.237***

(81.64)

(72.80)

(74.71)

(54.75)

(50.68)

(52.46)

N

5814

5146

5476

6666

5145

6430

Adjusted R²

0.43

0.42

0.42

0.34

0.34

0.33