Table 7 Further analysis grouped by whether the company is central-state-owned company.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	Central-state-owned companies				Non-central-state-owned companies
Politics	−0.0106	0.0018	−0.0249	−0.0148	0.0845^**	0.0854^**	0.0999^**	0.1035^**
	(0.050)	(0.061)	(0.050)	(0.064)	(0.041)	(0.039)	(0.047)	(0.046)
Politics × Marketization		−0.0170		−0.0126		−0.1479^***		−0.1565^***
		(0.052)		(0.053)		(0.047)		(0.048)
Politics × WGI			0.0365	0.0345			−0.1842^***	−0.1635^*
			(0.057)	(0.060)			(0.063)	(0.091)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
(constant)	2.8237^***	2.6647^**	2.8286^***	2.7104^**	−2.4444^***	−3.7296^***	−3.3690^***	−3.8321^***
	(1.091)	(1.139)	(1.089)	(1.145)	(0.949)	(1.100)	(1.196)	(1.315)
N	465	465	465	465	2749	2749	2749	2749
Pseudo R²	0.0265	0.0265	0.0265	0.0265	0.0279	0.0291	0.0297	0.0310
Log pseudolikelihood	−520.43	−520.42	−520.41	−520.41	−3332.52	−3328.40	−3326.46	−3321.86

Values in the table are unstandardized regression coefficients. Standard errors are in parentheses.
*p < 0.1, **p < 0.05, ***p < 0.01.

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