(1)

(2)

(3)

VARIABLES

KZ

lnInvPat

lnUtyPat

DID

−0.071^***

0.092^***

0.066^***

(−2.75)

(5.69)

(4.17)

KZ

−0.044^***

−0.030^***

(−10.65)

(−7.64)

Lev

7.468^***

1.081^***

1.022^***

(126.40)

(22.70)

(22.73)

TobinQ

0.527^***

−0.049^***

−0.063^***

(46.29)

(−8.61)

(−12.28)

ATO

−0.223^***

−0.020

−0.016

(−7.25)

(−1.12)

(−0.95)

Growth

−0.606^***

0.047^**

0.051^***

(−16.05)

(2.46)

(2.76)

Cashflow

−17.587^***

−0.102

0.089

(−99.80)

(−0.91)

(0.82)

Mfee

2.226^***

−0.143

−0.402^***

(9.22)

(−1.14)

(−3.40)

Indep

0.891^***

0.311^***

0.094

(4.92)

(2.59)

(0.81)

Top1

−1.644^***

0.067

−0.006

(−18.17)

(1.15)

(−0.10)

Balance

−0.268^***

0.047^***

0.005

(−11.86)

(3.33)

(0.38)

Mhold

−0.649^***

−0.399^***

−0.335^***

(−10.38)

(−12.20)

(−10.17)

Dual

−0.047^**

−0.024^*

−0.042^***

(−2.10)

(−1.83)

(−3.27)

SOE

0.057^**

0.156^***

0.081^***

(2.27)

(10.03)

(5.47)

Age

0.122^***

−0.093^***

−0.130^***

(3.64)

(−4.78)

(−6.75)

Constant

−1.683^***

0.297^***

0.641^***

(−12.39)

(3.75)

(8.11)

Year/Industry/City

YES

YES

YES

Adj-R²

0.791

0.228

0.249

N

20,475

20,475

20,475