Table 6 Threshold regression results of VER on enterprise GTFP.

RD < r₁

− 0.0090***

(− 3.27)

− 0.0258***

(− 4.43)

0.0035

(0.79)

− 0.0081*

(− 1.94)

− 0.0094**

(− 2.02)

− 0.0872**

(− 2.53)

r₁ ≤ RD < r₂

− 0.0052**

(− 1.88)

–

–

− 0.0042

(− 0.97)

–

− 0.0049

(− 1.39)

RD ≥ r₂

0.0006

(0.20)

− 0.0211***

(− 3.66)

0.0081*

(1.78)

0.0019

(0.42)

− 0.0035

(− 0.78)

0.0045

(1.09)

DL

0.0127***

(4.77)

0.0235***

(4.24)

0.0072

(1.41)

0.0093***

(2.57)

0.0152***

(3.17)

0.0123***

(3.91)

ROA

0.0000

(0.01)

0.0007

(1.41)

− 0.0030

(− 0.65)

− 0.0025***

(− 2.94)

0.0005

(1.31)

− 0.0013*

(− 1.62)

ROE

− 0.0000

(− 0.22)

− 0.0000

(− 0.40)

0.0000

(0.59)

− 0.0000***

(− 5.08)

− 0.0000*

(− 1.73)

0.0000*

(1.66)

ROL

− 0.0001

(− 0.63)

0.0005

(1.03)

0.0000

(0.54)

− 0.0004***

(− 3.49)

0.0008**

(2.13)

− 0.0002

(− 1.38)

Scale

− 0.0619***

(− 11.56)

− 0.0596***

(− 5.13)

− 0.0660***

(− 6.68)

− 0.0582***

(− 8.45)

− 0.0674***

(− 6.38)

− 0.0584***

(− 9.74)

cons

2.1151***

(18.64)

2.1875***

(8.64)

2.1102***

(10.14)

2.0246***

(14.08)

2.2161***

(9.54)

2.0343***

(16.46)

R²

0.0300

0.0359

0.0345

0.0457

0.0358

0.0333

F

31.02***

8.50***

10.54***

33.88***

13.47***

24.47***