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 |