|
| PSM |
| VARIABLES | ROE |
| did | 0.595** |
| (1.99) | |
| Size | 2.292*** |
| (16.82) | |
| Lev | −22.551*** |
| (−26.47) | |
| Cashflow | 51.542*** |
| (24.30) | |
| Growth | 8.660*** |
| (25.02) | |
| Top1 | 10.659*** |
| (11.09) | |
| SOE | −1.252*** |
| (−3.40) | |
| Constant | −42.496*** |
| (−14.86) | |
| Observations | 8181 |
| R-squared | 0.265 |
| industry | YES |
| year | YES |
| F | 368.4 |