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) |