Table 4 Threshold regression results of CER on enterprise GTFP.

RD < r₁

0.0072

(1.31)

0.0237**

(2.04)

− 0.0069

(− 0.77)

0.0040

(0.51)

0.0071

(0.77)

− 0.0074

(1.05)

r₁ ≤ RD < r₂

0.0119**

(2.18)

− 

− 

0.0089

(1.16)

− 

0.0122*

(1.73)

RD ≥ r₂

0.0203***

(3.63)

0.0302**

(2.55)

− 0.0010

(− 0.11)

0.0226***

(2.64)

0.0145

(1.59)

0.0243***

(3.18)

DL

0.0121***

(4.57)

0.0209***

(3.75)

0.0078

(1.52)

0.0107***

(3.02)

0.0145***

(3.03)

0.0116***

(3.67)

ROA

− 0.0000

(− 0.03)

0.0007

(1.36)

− 0.0003

(− 0.69)

− 0.0024***

(− 2.87)

0.0005

(1.30)

− 0.0013*

(− 1.63)

ROE

− 0.0000

(− 0.17)

− 0.0000

(− 0.29)

0.0000

(0.63)

− 0.0000***

(− 4.76)

− 0.0000*

(− 1.72)

0.0000*

(1.67)

ROL

− 0.0001

(− 0.63)

0.0005

(1.09)

0.0000

(0.50)

− 0.0004***

(− 3.77)

0.0009**

(2.17)

− 0.0002

(− 1.39)

Scale

− 0.0629***

(− 11.66)

− 0.0620***

(− 5.30)

− 0.0648***

(− 6.53)

− 0.0604***

(− 8.65)

− 0.0687***

(− 6.36)

− 0.0594***

(− 9.98)

cons

2.0173***

(17.78)

1.8725***

(7.39)

2.1571***

(10.37)

1.9889***

(13.81)

2.1240***

(9.50)

1.9340***

(15.12)

R²

0.0292

0.0317

0.0339

0.0447

0.0353

0.0326

F

28.63***

6.98***

10.95***

28.80***

13.41***

21.78***