(1)

(2)

(3)

(4)

GTI

GTI

GTI1

GTI1

GSCM

0.844^**

0.798^**

0.617^**

0.543^*

(0.348)

(0.348)

(0.308)

(0.306)

Er

−0.006^**

−0.004^**

(0.002)

(0.002)

Er*GSCM

0.021^**

0.028^***

(0.011)

(0.009)

Lev

1.683^***

1.750^***

1.417^***

1.455^***

(0.454)

(0.453)

(0.401)

(0.398)

SOE

0.273

0.232

0.111

0.067

(0.172)

(0.171)

(0.152)

(0.151)

ROA

6.474^***

6.775^***

5.351^***

5.663^***

(1.584)

(1.577)

(1.398)

(1.387)

IND

0.072^***

0.073^***

0.062^***

0.064^***

(0.013)

(0.013)

(0.011)

(0.011)

ListAge

0.665^**

0.590^*

0.679^**

0.644^**

(0.299)

(0.302)

(0.264)

(0.266)

Tobinq

−0.239^***

−0.256^***

−0.218^***

−0.238^***

(0.070)

(0.070)

(0.062)

(0.061)

_cons

−4.655^***

−4.275^***

−4.258^***

−4.074^***

(0.887)

(0.899)

(0.783)

(0.791)

N

530

Year

Yes

Firm

Yes

R²

0.266

0.278

0.239

0.257

Adj_R²

0.244

0.254

0.216

0.232

F

12.390^***

11.600^***

10.730^***

10.400^***