Variables

State-owned enterprises ACC

Private enterprise ACC

CFO

−0.8551***

−2.3178

(−5.71)

(−1.42)

DCFO

−0.1272***

−0.3141

(−3.07)

(−1.35)

CFO * DCFO

0.1548

2.9602*

(0.50)

(1.75)

SD

−0.0004

−0.0222**

(−0.24)

(−2.50)

SD * CFO

−0.0221

0.1392**

(−1.41)

(2.47)

SD * DCFO

−0.0055

0.0110

(−1.11)

(1.17)

SD * CFO * DCFO

−0.0071

−0.1482***

(−0.25)

(−2.61)

SIZE

0.0157***

0.0122

(12.90)

(1.28)

SIZE * CFO

0.0130*

0.0767

(1.77)

(1.05)

SIZE * DCFO

0.0086***

0.0130

(3.79)

(1.26)

SIZE * CFO * DCFO

−0.0342***

−0.1581**

(−2.75)

(−2.10)

LEV

−0.0824***

−0.0417

(−8.26)

(−1.25)

LEV * CFO

−0.4978***

−0.7634***

(−6.66)

(−3.37)

LEV * DCFO

−0.0801***

−0.030

(−3.30)

(−0.882)

LEV * CFO * DCFO

0.7287***

0.7166***

(4.79)

(3.15)

MTB

0.0109***

−0.0072

(8.75)

(−0.99)

MTB * CFO

0.0290***

0.1043***

(6.30)

(2.67)

MTB * DCFO

−0.0055**

0.0186**

(−2.01)

(2.43)