Table 5 Group regression results.
Variable | Model | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
① | ② | ③ | ④ | ⑤ | ⑥ | |||||||
AID | AID | AID | AID | AID | AID | |||||||
State -owned | Non-state -owned | State -owned | Non-state-owned | State -owned | Non-state-owned | State -owned | Non-state -owned | State -owned | Non-state -owned | State -owned | Non-state -owned | |
Ln(1+Media) | 0.1504*** (0.000) | 0.1510** (0.011) | 0.4153*** (0.004) | 0.5119* (0.023) | ||||||||
Ln(1+Media) × GOV | 0.0753** (0.057) | 0.0936* (0.097) | ||||||||||
Ln(1+Media1) | 0.1157*** (0.003) | 0.0908 (0.114) | 0.3882*** (0.015) | 0.3257* (0.015) | ||||||||
Ln(1+Media1) × GOV | 0.0634* (0.094) | 0.0682 (0.213) | ||||||||||
Ln(1+Media2) | 0.2073*** (0.000) | 0.1554** (0.004) | 0.4882*** (0.000) | 0.5383** (0.010) | ||||||||
Ln1+Media2 × GOV | 0.0802** (0.030) | 0.0986* (0.058) | ||||||||||
GOV | 0.1600*** (0.001) | 0.0974* (0.094) | 0.1604*** (0.001) | 0.0949 (0.103) | 0.1616*** (0.001) | 0.1001* (0.085) | 0.5849** (0.010) | 0.4389 (0.182) | 0.4847** (0.002) | 0.3103 (0.162) | 0.4472** (0.011) | 0.2072 (0.413) |
SIZE | 0.0876** (0.008) | 0.1401** (0.012) | 0.1159*** (0.000) | 0.1374** (0.012) | 0.0777** (0.022) | 0.1268** (0.025) | 0.0927** (0.005) | 0.1374** (0.014) | 0.1203*** (0.000) | 0.1364** (0.013) | 0.0822** (0.016) | 0.1237** (0.029) |
ROA | 0.1083** (0.574) | 0.8900* (0.074) | 0.1007 (0.600) | 0.8414* (0.091) | 0.1110 (0.564) | 0.9223* (0.064) | 0.1027 (0.577) | 0.8835* (0.076) | 0.0996 (0.604) | 0.8470* (0.089) | 0.1097 (0.569) | 0.9141* (0.067) |
LEV | 0.1099* (0.071) | −0.0022 (0.978) | 0.1152* (0.058) | −0.0009 (0.991) | 0.1084* (0.075) | −0.0048 (0.953) | 0.1087* (0.074) | −0.0030 (0.970) | 0.1153* (0.058) | 0.0009 (0.991) | 0.1069* (0.079) | −0.0065 (0.936) |
GROWTH | 0.0000 (0.941) | 0.0018*** (0.000) | 0.0000 (0.956) | 0.0018*** (0.000) | 0.0000 (0.925) | 0.0018*** (0.000) | 0.0000 (0.960) | 0.0018*** (0.000) | 0.0000 (0.988) | 0.0018*** (0.000) | 0.0000 (0.933) | 0.0018*** (0.000) |
CF | 0.1777 (0.747) | −3.6857*** (0.000) | 0.0544 (0.921) | −3.7486*** (0.000) | 0.2232 (0.686) | −3.6846*** (0.000) | 0.1935 (0.726) | −3.6833*** (0.000) | 0.0536 (0.923) | −3.7499*** (0.000) | 0.2486 (0.652) | −3.6843*** (0.000) |
SALARY | 0.0297 (0.612) | 0.0197 (0.810) | 0.0326 (0.577) | 0.0214 (0.794) | 0.0288 (0.624) | 0.0113 (0.891) | 0.0284 (0.628) | 0.0242 (0.768) | 0.0312 (0.593) | 0.0233 (0.766) | 0.0275 (0.640) | 0.0154 (0.851) |
AUDIT | 0.5744*** (0.004) | 0.5810** (0.039) | 0.5124** (0.010) | 0.5234* (0.064) | 0.5964** (0.003) | 0.6163** (0.028) | 0.5886** (0.003) | 0.0584** (0.034) | 0.5214** (0.009) | 0.5383* (0.057) | 0.6098** (0.002) | 0.6269** (0.026) |
YEAR/INDUST | Control | Control | Control | Control | Control | Control | Control | Control | Control | Control | Control | Control |
Chow Test | 4.01 | 4.05 | 3.97 | 4.11 | 4.08 | 4.15 | ||||||
P | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | ||||||
R2 | 0.764 | 0.194 | 0.783 | 0.195 | 0.758 | 0.190 | 0.767 | 0.195 | 0.787 | 0.198 | 0.760 | 0.191 |
N | 8676 | 11213 | 8676 | 11213 | 8676 | 11213 | 8676 | 11213 | 8676 | 11213 | 8676 | 11213 |
