Table 5 Threshold regression results of MER on enterprise GTFP.

RD < r₁

− 0.0460***

(− 3.98)

− 0.3511*

(− 1.60)

0.0076

(0.40)

− 0.0879***

(− 4.48)

− 0.0434**

(− 2.31)

− 0.0451***

(− 3.14)

r₁ ≤ RD < r₂

− 0.0113

(− 0.98)

–

− 

− 0.0479***

(− 2.82)

–

− 0.0137

(− 0.93)

RD ≥ r₂

0.0561***

(3.16)

0.0170

(0.69)

0.0806***

(2.84)

0.0223

(0.92)

0.0069

(0.34)

0.0557***

(2.77)

DL

0.0113***

(4.10)

0.0191***

(3.34)

0.0101*

(1.95)

0.0075**

(2.07)

0.0131***

(2.77)

0.0104***

(3.23)

ROA

− 0.0000

(− 0.01)

0.0007

(1.34)

− 0.0003

(− 0.64)

− 0.0025***

(− 2.95)

0.0005

(1.27)

− 0.0013*

(− 1.69)

ROE

− 0.0000

(− 0.19)

− 0.0000

(− 0.22)

0.0000

(0.58)

− 0.0000***

(− 4.93)

− 0.0000*

(− 1.68)

0.0000*

(1.75)

ROL

− 0.0001

(− 0.58)

0.0006

(1.16)

0.0000

(0.54)

− 0.0004***

(− 3.47)

0.0009**

(2.20)

− 0.0002

(− 1.36)

Scale

− 0.0617***

(− 11.63)

− 0.0609***

(− 5.16)

− 0.0653***

(− 6.81)

− 0.0592***

(− 8.63)

− 0.0681***

(− 6.39)

− 0.0587***

(− 9.88)

cons

2.0703***

(18.26)

2.0292***

(8.04)

2.1222***

(10.12)

2.0457***

(13.95)

2.1930***

(9.37)

1.9990***

(15.92)

R²

0.0291

0.0296

0.0336

0.0475

0.0342

0.0321

F

31.96***

6.95***

9.64***

32.02***

12.88***

20.91***