Variables | (1) | (2) | (3) | (4) |
lnsubsidy | 0.0038*** | 0.0036* | 0.0033** | 0.0023* |
| (0.0013) | (0.0019) | (0.0016) | (0.0012) |
ownership*lnsubsidy |
| 0.0005 |
|
|
|
| (0.0021) |
|
|
industryC × lnsubsidy |
|
| 0.0023 |
|
|
|
| (0.0017) |
|
industryB × lnsubsidy |
|
|
| 0.0055** |
|
|
|
| (0.0022) |
lncapital | −0.0053 | −0.0052 | −0.0047 | −0.0060 |
| (0.0037) | (0.0037) | (0.0039) | (0.0039) |
age | 0.0074** | 0.0074** | 0.0073** | 0.0073** |
| (0.0033) | (0.0033) | (0.0033) | (0.0033) |
taxr | −0.0519 | −0.0525 | −0.0566 | −0.0503 |
| (0.0368) | (0.0367) | (0.0356) | (0.0364) |
marketr | −0.0077 | −0.0077 | −0.0077 | −0.0074 |
| (0.0100) | (0.0100) | (0.0100) | (0.0100) |
dtar | 0.0134 | 0.0132 | 0.0124 | 0.0173 |
| (0.0134) | (0.0135) | (0.0134) | (0.0138) |
roe | −0.0124 | −0.0125 | −0.0123 | −0.0135 |
| (0.0082) | (0.0081) | (0.0083) | (0.0091) |
Constant term | 0.0696 | 0.0684 | 0.0577 | 0.0776 |
| (0.0984) | (0.0989) | (0.1025) | (0.1011) |
Model | Static FE | Static FE | Static FE | Static FE |
Time effect | controlled | controlled | controlled | controlled |
N | 615 | 615 | 615 | 615 |