(1)

log_ceinten

(2)

log_ceinten

D_it

−0.182^***

−0.192^***

(0.019)

(0.018)

log_age

−0.033^***

(0.010)

size

−0.141^***

(0.008)

rate_pro

−0.956^***

(0.030)

lever

−0.030^**

(0.012)

soe

0.014

(0.029)

subsidy

0.004^***

(0.001)

Constant

3.504^***

5.007^***

(0.002)

(0.084)

${\theta }_i$

YES

YES

${\mu }_t$

YES

YES

${\lambda }_j$

YES

YES

N

1,473,606

1,473,606

R²

0.621

0.623