Enterprise types

Private enterprise

SOE

Explained variables

ROE

ROE

Coefficient value

T value

Coefficient value

T value

Explanatory variable

INST

0.065

7.012^***

0.061

3.308^***

Control variables

SIZE

1.789

6.015^***

2.146

6.036^***

LEV

−0.082

−6.268^***

−0.213

−10.316^***

GROWTH

0.041

7.620^***

0.193

9.304^***

MER

−0.103

−3.088^***

−0.227

−3.894^***

TUR

1.348

3.800^***

2.686

4.169^***

FIRET

0.018

0.964

-0.023

−0.749

TEN

0.064

3.375^***

0.065

2.002^**

Adj-R²

0.169

0.217

F-statistics

43.670^***

36.085^***

Sample capacity

1674

1014