Variable

State-Owned Enterprises

Private Enterprise

Macro-scale

Small-scale

ISO

0.019

0.185***

0.131***

0.040

(0.474)

(5.080)

(3.189)

(1.293)

_cons

−2.183***

0.003

−1.877***

1.226***

(−7.510)

(0.009)

(−6.243)

(4.360)

Control Variables

Yes

Yes

Yes

Yes

Year/Ind/Province

Yes

Yes

Yes

Yes

Observations

4966

4974

4970

4970

R²

0.400

0.264

0.427

0.161