(1)

(2)

(3)

(4)

Rd

Rda

Hhi = 1

Hhi = 0

Hhi = 1

Hhi = 0

Rate

0.1357

−1.2339***

−0.0294

−0.1405**

(0.13)

(−2.61)

(−0.42)

(−2.30)

Size

0.2232

1.1027***

−0.0273

−0.0530***

(1.07)

(7.88)

(−1.49)

(−2.99)

Age

0.0111

−0.0096

−0.0058*

−0.0034

(0.29)

(−0.51)

(−1.83)

(−1.39)

Lev

−0.8705

−3.5271***

−0.0941

−0.3890***

(−0.64)

(−4.75)

(−0.92)

(−4.46)

Fc

−0.6224

−0.5110

−0.1768**

−0.0233

(−0.52)

(−0.85)

(−2.07)

(−0.33)

Roe

−2.5389

−1.0264

−0.0147

−0.0138

(−1.51)

(−1.12)

(−0.14)

(−0.13)

Soe

−1.2460***

0.7453***

−0.0388

0.0879***

(−2.85)

(3.22)

(−1.15)

(2.89)

Shrcr1

−0.0093

−0.0503***

−0.0031***

−0.0044***

(−0.70)

(−8.04)

(−3.56)

(−5.63)

Cfo

−2.4267

−5.2706***

−0.1106

0.0994

(−0.99)

(−4.02)

(−0.72)

(0.58)

Employee

−0.0279

0.3152**

0.0039

0.0993***

(−0.14)

(2.26)

(0.27)

(5.62)

Export

0.0956

−0.1500***

0.0002

0.0017

(1.07)

(−3.03)

(0.03)

(0.28)

Constant

−3.1754

−9.3618**

1.2247**

1.8358***

(−0.45)

(−2.51)

(2.17)

(3.82)

Industry

Yes

Yes

Yes

Yes

Province

Yes

Yes

Yes

Yes

Observations

1242

7293

1243

7293

Adj.R²

0.140

0.124

0.0637

0.0893