Table 9 Mechanism tests: the mixed ownership reform, pay-performance sensitivities, and corporate risk-taking.

From: Mixed ownership reform and digitalisation

VARIABLES

(1)

(2)

(3)

(4)

Lnpay

Lnpay

Risk_taking

Risk_taking

NonSOEs_Dir

0.001***

 

0.001**

 

(2.92)

 

(2.02)

 

NonSOEs_Equ

 

0.059***

 

0.140***

 

(3.65)

 

(3.63)

Constant

2.408***

2.415***

0.619***

0.631***

(56.50)

(57.35)

(7.44)

(7.62)

Observations

9432

9428

9434

9433

R-squared

0.640

0.640

0.146

0.149

Controls

YES

YES

YES

YES

IND FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

  1. Note: The adjusted for clustering robust standard errors are in parentheses. Standard errors are clustered at the firm level, and significance levels are denoted as ***p < 0.01, **p < 0.05, *p < 0.1.
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