(1)

(2)

(3)

(4)

Rd

Rda

Soe = 1

Soe = 0

Soe = 1

Soe = 0

Rate

−0.8816

−1.2214**

−0.0636

−0.1693***

(−1.01)

(−2.50)

(−0.62)

(−2.73)

Size

0.8435***

0.9502***

−0.0601**

−0.0456**

(3.78)

(6.56)

(−2.24)

(−2.47)

Age

−0.0211

−0.0081

−0.0115***

−0.0010

(−0.61)

(−0.41)

(−3.01)

(−0.39)

Lev

−0.9683

−4.5948***

−0.3365**

−0.3613***

(−0.79)

(−5.89)

(−2.49)

(−4.03)

Fc

2.5296**

−1.9656***

0.0389

−0.0540

(2.37)

(−3.18)

(0.31)

(−0.76)

Roe

−2.0521

−1.7614*

0.0255

−0.2229

(−1.58)

(−1.72)

(0.23)

(−1.61)

Shrcr1

−0.0333***

−0.0451***

−0.0015

−0.0048***

(−3.10)

(−6.68)

(−1.33)

(−5.60)

Cfo

−5.3395**

−4.5833***

0.2137

0.0897

(−2.37)

(−3.39)

(0.80)

(0.52)

Employee

0.2657

0.2939**

0.0498*

0.0946***

(1.18)

(2.14)

(1.94)

(5.37)

Export

−0.1360

−0.0717

0.0142

0.0019

(−1.53)

(−1.42)

(1.41)

(0.30)

Constant

−7.2886

−5.5594

1.5522**

1.9649***

(−1.12)

(−1.41)

(2.00)

(3.91)

Industry

Yes

Yes

Yes

Yes

Province

Yes

Yes

Yes

Yes

Observations

2748

5787

2749

5787

Adj.R²

0.112

0.137

0.108

0.0939