(1)

(2)

(3)

(4)

Rd

Rda

Size = 1

Size = 0

Size = 1

Size = 0

Rate

−0.7060

−1.3797**

−0.0623

−0.1847**

(−1.10)

(−2.44)

(−0.84)

(−2.42)

Size

0.7088***

1.0653***

−0.0746***

−0.0300

(3.54)

(4.76)

(−3.33)

(−0.96)

Age

0.0493*

−0.0601***

−0.0003

−0.0077**

(1.84)

(−2.74)

(−0.10)

(−2.48)

Lev

−2.9287***

−4.3192***

−0.2275**

−0.4576***

(−3.04)

(−4.80)

(−2.18)

(−4.29)

Fc

0.0235

−1.6861**

0.0114

−0.1071

(0.03)

(−2.36)

(0.13)

(−1.24)

Roe

−0.2268

−3.1346***

0.2768**

−0.4830***

(−0.18)

(−2.91)

(2.44)

(−3.48)

Soe

0.9374***

−0.3047

0.1143***

0.0174

(3.44)

(−0.96)

(3.39)

(0.40)

Shrcr1

−0.0314***

−0.0540***

−0.0027***

−0.0053***

(−3.92)

(−6.81)

(−3.02)

(−4.99)

Cfo

−8.3065***

−2.0640

0.0647

0.0950

(−4.48)

(−1.40)

(0.29)

(0.50)

Employee

0.5332***

0.0586

0.0962***

0.0769***

(3.15)

(0.35)

(5.14)

(3.40)

Export

−0.2860***

0.0363

−0.0070

0.0065

(−4.18)

(0.66)

(−0.89)

(0.93)

Constant

−5.7564

−6.2090

1.7836***

1.7958**

(−1.09)

(−1.11)

(2.91)

(2.38)

Industry

Yes

Yes

Yes

Yes

Province

Yes

Yes

Yes

Yes

Observations

4496

4039

4497

4039

Adj.R²

0.130

0.107

0.116

0.0821