BTD

BTD

DDBTD

DDBTD

Non-SOE

SOE

Non-SOE

SOE

IP

−0.002*

−0.002***

−0.005**

−0.000

(−1.69)

(−2.69)

(−2.41)

(−0.24)

SIZE

−0.004***

−0.004***

0.002**

0.002**

(−7.46)

(−11.36)

(2.29)

(2.37)

MTB

−0.002***

−0.002***

−0.000

−0.001***

(−9.14)

(−15.07)

(−1.52)

(−3.00)

LEV

0.023***

0.026***

0.000

0.003

(9.53)

(11.60)

(0.05)

(0.74)

ROA

0.558***

0.599***

0.049***

0.122***

(47.66)

(55.02)

(2.76)

(7.76)

PPE

0.015***

0.008***

0.146***

0.120***

(5.74)

(4.69)

(25.67)

(31.88)

INTANG

−0.002

−0.002

0.067***

0.095***

(−0.33)

(−0.61)

(4.81)

(11.79)

LOSS

0.004**

0.003***

0.004

0.009***

(2.42)

(2.77)

(1.25)

(3.64)

Constant

0.065***

0.069***

−0.069***

−0.045***

(6.15)

(9.05)

(−2.87)

(−2.91)

Industry

Control

Control

Control

Control

Year

Control

Control

Control

Control

Obs

10627

12400

10627

12400

Adj.R²

0.569

0.555

0.140

0.169