Table 6 Test for heterogeneity of liabilities.

From: Financial asset allocation duality and enterprise upgrading: empirical evidence from the Chinese A-share market

Variable

Over-indebtedness

Non-over-indebtedness

TFP_OP

TFP_LP

TFP_OP

TFP_LP

FIN

0.709**

0.694**

0.264

0.307

(2.390)

(2.303)

(1.234)

(1.453)

FIN_SQ

−1.461***

(−3.044)

−1.430***

−0.400

(−1.274)

−0.435

(−2.924)

(−1.404)

Control

YES

YES

YES

YES

η/μ

YES

YES

YES

YES

_cons

−1.184***

−1.291***

−1.908***

−2.006***

(−3.857)

(−4.213)

(−5.908)

(−6.255)

Adj R2

0.767

0.771

0.786

0.792

N

2235

2235

2398

2398

  1. ***, **, * represents significance at the 1%, 5%, and 10% levels, respectively, with Z-values in parentheses.
Back to article page