State-owned (3a)

Non-state-owned (3a)

State-owned (3b)

Non-state-owned (3b)

State-owned (3c)

Non-state-owned (3c)

Sub

0.1568

(0.1568)

0.0661

(0.0593)

0.1003

(0.1354)

0.1003*

(0.0551)

0.0392

(0.1434)

0.0562

(0.0559)

IF

0.0632***

(0.0185)

0.0064

(0.0051)

0.0592***

(0.0155)

0.0201***

(0.0044)

0.0587***

(0.0156)

0.0200***

(0.0044)

Debt

0.0079

(0.0106)

0.0233***

(0.0030)

−0.0129

(0.0144)

0.0111***

(0.0035)

0.0091

(0.0106)

0.0224***

(0.0030)

Equity

0.0155***

(0.0054)

0.0085***

(0.0011)

0.0151***

(0.0054)

0.0082***

(0.0011)

0.0071

(0.0076)

0.0031**

(0.0013)

Size

0.2067

(0.2740)

−0.2300***

(0.0789)

0.2339

(0.2721)

−0.1930**

(0.0787)

0.2250

(0.2733)

−0.1859**

(0.0785)

Age

−0.0107

(0.0640)

0.0223

(0.0192)

−0.0123

(0.0635)

0.0216

(0.0191)

−0.0120

(0.0640)

0.0230

(0.0191)

Con

−0.0365**

(0.0148)

−0.0106**

(0.0042)

−0.0351**

(0.0147)

−0.0098**

(0.0041)

−0.0375**

(0.0148)

−0.0106***

(0.0041)

Roe

0.0056

(0.0129)

0.0161***

(0.0042)

0.0044

(0.0128)

0.0180***

(0.0042)

0.0065

(0.0128)

0.0176***

(0.0042)

Lev

0.0026

(0.0112)

−0.0014

(0.0032)

0.0016

(0.0111)

−0.0008

(0.0032)

0.0019

(0.0112)

−0.0019

(0.0032)

Sub*IF

−0.0066

(0.0159)

0.0175***

(0.0032)

Sub*Debt

0.0355**

(0.0166)

0.0147***

(0.0022)

Sub*Equity

0.0058

(0.0038)

0.0051***

(0.006)

cons

−16.8989

7.3765***

−17.6938

6.3451***

−16.6357

6.3239***

Year

yes

yes

yes

yes

yes

yes

Ind

yes

yes

yes

yes

yes

yes

N

510

3060

510

3060

510

3060

Wald chi2

174.33

769.65

180.06

786.07

177.23

809.25

Prob > chi2

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000