(1)

(2)

(3)

(4)

(5)

VARIABLES

lnInvPat

lnUtyPat

KZ

lnInvPat

lnUtyPat

DID

0.134^***

0.106^***

−0.078^***

0.102^***

0.066^***

(7.11)

(5.68)

(−2.85)

(5.94)

(3.96)

KZ

−0.044^***

−0.032^***

(−10.06)

(−7.80)

Lev

0.329^***

0.295^***

7.441^***

1.069^***

1.027^***

(7.57)

(6.77)

(119.07)

(21.36)

(21.88)

TobinQ

−0.029^***

−0.035^***

0.524^***

−0.049^***

−0.064^***

(−5.83)

(−7.21)

(43.14)

(−8.23)

(−11.71)

ATO

−0.176^***

−0.090^***

−0.208^***

−0.015

−0.004

(−5.97)

(−3.14)

(−6.34)

(−0.83)

(−0.22)

Growth

0.009

0.024

−0.598^***

0.047^**

0.046^**

(0.54)

(1.42)

(−15.05)

(2.35)

(2.39)

Cashflow

0.001

−0.052

−17.601^***

−0.080

0.055

(0.02)

(−0.63)

(−94.93)

(−0.68)

(0.49)

Mfee

−0.698^***

−0.306^**

2.372^***

−0.122

−0.370^***

(−4.50)

(−2.07)

(9.23)

(−0.91)

(−2.92)

Indep

0.038

−0.149

0.912^***

0.345^***

0.143

(0.27)

(−1.04)

(4.74)

(2.73)

(1.16)

Top1

0.129

0.233^**

−1.639^***

0.079

−0.008

(1.31)

(2.35)

(−17.28)

(1.31)

(−0.13)

Balance

0.053^***

0.048^**

−0.265^***

0.045^***

0.003

(2.65)

(2.39)

(−11.09)

(3.08)

(0.22)

Mhold

−0.052

−0.094

−0.652^***

−0.385^***

−0.322^***

(−0.82)

(−1.36)

(−9.88)

(−11.07)

(−9.16)

Dual

−0.006

−0.046^***

−0.058^**

−0.032^**

−0.048^***

(−0.36)

(−2.87)

(−2.42)

(−2.27)

(−3.54)

SOE

0.093^***

0.035

0.036

0.153^***

0.077^***

(3.03)

(1.17)

(1.37)

(9.43)

(5.04)

Age

0.110

0.200^***

0.141^***

−0.085^***

−0.118^***

(1.56)

(2.91)

(3.98)

(−4.13)

(−5.80)

Constant

0.128

−0.068

−1.720^***

0.246^***

0.576^***

(0.59)

(−0.32)

(−12.00)

(2.96)

(6.91)

Year/Firm

YES

YES

Year/Industry/Province

YES

YES

YES

Adj-R²

0.650

0.633

0.792

0.227

0.248

N

18,545

18,545

18,446

18,446

18,446