Variables

非国有企业

国有企业

Constant

0.540**

0.152

(2.05)

(0.66)

LnSales

0.647***

0.655***

(18.36)

(15.56)

$D_{i,t}\times LnSales$

−0.107**

−0.225***

(1.12)

(−3.43)

$D_{i,t}\times LnSales\times ICQ$

0.268

0.523***

(−1.29)

(2.88)

ICQ

−0.010

−0.023

(−0.31)

(−0.75)

AI

0.015***

0.010**

(3.02)

(2.07)

ROS

0.106*

0.351***

(1.67)

(3.51)

LEV

0.022*

0.139*

(0.44)

(1.37)

$D_{i,t}\times LnSales\times AI$

0.006**

−0.019***

(2.02)

(−2.67)

$D_{i,t}\times LnSales\times ROS$

0.041

0.619**

(1.33)

(2.50)

$D_{i,t}\times LnSales\times LEV$

−0.698***

0.373

(−4.06)

(1.63)

R-squared

0.489

0.433

industry FE

YES

YES

Year FE

YES

YES

r2_a

0.487

0.429

F

100.3

26.92

Observations

8,549

4,181