(1)

(2)

(3)

(4)

Trd

Trda

Rate

−3.4681***

−3.9251***

−0.4177***

−0.4345***

(−14.00)

(−15.28)

(−6.42)

(−6.76)

Size

0.7303***

−0.4144***

(4.59)

(−10.74)

Age

0.0457**

0.0045

(2.19)

(0.77)

Lev

−3.7789***

0.3112

(−4.45)

(1.49)

Fc

1.6471***

1.4360***

(2.75)

(8.15)

Roe

−4.5355***

0.8602***

(−4.87)

(3.74)

Soe

−1.9350***

−0.1392*

(−7.75)

(−1.95)

Shrcr1

−0.0040

−0.0049**

(−0.56)

(−2.44)

Cfo

5.5388***

2.4886***

(4.35)

(6.92)

Employee

0.5776***

0.3642***

(3.72)

(9.42)

Export

−0.0267

0.0406***

(−0.53)

(2.76)

Constant

32.7529***

17.1975***

3.4802***

8.5899***

(14.13)

(5.29)

(6.98)

(10.98)

Industry

Yes

Yes

Yes

Yes

Province

Yes

Yes

Yes

Yes

Observations

8536

8536

8536

8536

Adj.R²

0.149

0.200

0.203

0.289