| Anti-corruption |
|
| 0.76*** |
|
|
|
|
|
| (4.79) |
|
|
| Gov*POE |
|
|
| −0.015 |
|
|
|
|
|
| (−0.514) |
|
| POE |
|
|
| −0.722*** |
|
|
|
|
|
| (−4.633) |
|
| Gov*HHI |
|
|
|
| −0.017 |
|
|
|
|
|
| (−0.405) |
| HHI |
|
|
|
| −0.828*** |
|
|
|
|
|
| (−4.34) |
| Cash |
| 1.10E−11 | 1.06E−11 | 9.06E−12 | 1.55E−11* |
|
|
| (1.31) | (1.27) | (1.08) | (1.82) |
| Ln Size |
| −0.748*** | −0.73*** | −0.64*** | −0.85*** |
|
|
| (−15.35) | (−15.09) | (−12.25) | (−17.21) |
| Largest |
| −0.03*** | −0.03*** | −0.025*** | −0.03*** |
|
|
| (−7.21) | (−7.6) | (−6.467) | (−7.16) |
| Duality |
| 0.764*** | −0.787* | −0.63*** | −0.79*** |
|
|
| (−6.21) | (−6.409) | (−5.014) | (−6.20) |
| Education |
| 0.398*** | 0.401*** | 0.358*** | 0.46* |
|
|
| (6.78) | (6.99) | (6.07) | (1.82) |
| Industry | yes | yes | yes | yes | yes |
| Year | yes | yes | yes | yes | yes |
| R2 | 0.05 | 0.129 | 0.127 | 0.134 | 0.110 |
| Adj R2 | 0.05 | 0.127 | 0.125 | 0.131 | 0.108 |
| N | 6050 | 6046 | 6046 | 6046 | 5906 |