Variables

Model 3 ∆NI_t

Model 4 ∆NI_t

State-owned enterprises

Private enterprise

∆NI_t−1

−0.0214*

−0.2480

−1.3302

0.1513

(−2.31)

(−1.12)

(−1.38)

(0.22)

D∆NI_t−1

−0.0302***

−0.2905***

−0.3782*

−0.2427

(−10.72)

(−5.53)

(−2.43)

(−1.74)

∆NI_t−1 * D∆NI_t−1

−1.1261***

−8.9570***

−7.5326***

0.3963

(−29.43)

(−12.26)

(−3.49)

(0.19)

SD

0.0043***

−0.0108

−0.0028

(3.64)

(−1.42)

(−0.34)

SD * ∆NI_t−1

−0.0293**

0.0598

0.0431

(−3.25)

(0.58)

(0.47)

SD * D∆NI_t−1

0.0015

−0.0052

0.0697***

(0.76)

(−0.44)

(6.66)

SD * ∆NI_t−1 * D∆NI_t−1

0.1095***

−0.1662

0.7970***

(5.00)

(−1.30)

(6.67)

SIZE

0.0106***

0.0069

0.0086*

(6.83)

(1.41)

(2.04)

SIZE * ∆NI_t−1

0.0094

0.0571

−0.0081

(1.06)

(1.41)

(−0.28)

SIZE * D∆NI_t−1

0.0134***

0.0211**

0.0018

(5.78)

(3.06)

(0.30)

SIZE * ∆NI_t−1 * D∆NI_t−1

0.3799***

0.3194***

−0.0776

(11.61)

(3.35)

(−0.85)

LEV

0.0031

0.1081***

−0.0187

(0.47)

(6.14)

(−0.66)

LEV * ∆NI_t−1

0.0292

0.0138

0.0218

(1.87)

(0.18)

(0.15)

LEV * D∆NI_t−1

−0.0446***

−0.1862***

0.2200***

(−4.49)

(−6.86)

(6.60)

LEV * ∆NI_t−1 * D∆NI_t−1

−0.4224***

−0.3594*

−0.7371***

(−11.83)

(−2.29)

(−4.15)

MTB

0.0102***

0.0185***

0.0068

(8.12)

(4.54)

(1.50)

MTB * ∆NI_t−1

0.0020

−0.0339

−0.0221

(0.40)

(−0.91)

(−0.70)

MTB * D∆NI_t−1

0.0020

−0.0019

0.0134*

(0.97)

(−0.34)

(2.04)