Table 3 Baseline effects test: financial asset and enterprise upgrading.

FIN_S

0.117^*

0.117^*

(1.862)

(1.857)

FIN_L

−0.594^***

−0.558^***

(−3.771)

(−3.529)

FIN

0.292^**

0.312^**

(2.036)

(2.179)

FIN_SQ

−0.525^***

−0.542^***

(−2.697)

(−2.798)

LEV

0.299^***

0.278^***

0.258^***

0.239^***

0.268^***

0.249^***

(5.912)

(5.503)

(5.312)

(4.909)

(5.254)

(4.887)

CFO

0.480^***

0.438^***

0.519^***

0.478^***

0.532^***

0.487^***

(4.846)

(4.415)

(5.460)

(5.005)

(5.387)

(4.919)

ROE

0.572^***

0.548^***

0.563^***

0.540^***

0.565^***

0.541^***

(8.916)

(8.547)

(8.831)

(8.461)

(8.824)

(8.459)

TAG

−0.616^***

−0.456^***

−0.689^***

−0.527^***

−0.655^***

−0.491^***

(−9.308)

(−6.902)

(−10.959)

(−8.379)

(−9.585)

(−7.202)

SIZE

0.359^***

0.371^***

0.358^***

0.369^***

0.359^***

0.370^***

(42.964)

(44.308)

(43.166)

(44.510)

(43.180)

(44.550)

GROW

0.070^***

0.072^***

0.075^***

0.076^***

0.072^***

0.073^***

(3.740)

(3.811)

(4.000)

(4.062)

(3.841)

(3.907)

LAR

−4.538^***

−4.623^***

−4.525^***

−4.611^***

−4.502^***

−4.587^***

(−32.729)

(−33.064)

(−32.729)

(−33.071)

(−32.382)

(−32.698)

AGE

0.048^**

0.049^**

0.068^***

0.068^***

0.046^**

0.047^**

(2.070)

(2.102)

(2.948)

(2.915)

(2.012)

(2.042)

η/μ

YES

YES

YES

YES

YES

YES

_cons

−1.133^***

−1.225^***

−1.090^***

−1.182^***

−1.121^***

−1.218^***

(−6.109)

(−6.606)

(−6.007)

(−6.516)

(−5.984)

(−6.503)

adj R²

0.776

0.781

0.777

0.782

0.776

0.781

N

9640

9640

9640

9640

9640

9640