Table 9 Tests of the moderating effect.

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

Panel A

TFP_OP

TFP_LP

FIN

3.766***

3.647***

(3.318)

(3.211)

FIN_SQ

−3.786***

−3.626**

(−2.606)

(−2.484)

CAP

−0.028**

−0.028**

(−2.359)

(−2.356)

FIN*CAP

−0.185***

−0.178***

(−2.956)

(−2.831)

FIN_SQ*CAP

0.167**

0.157*

(1.993)

(1.867)

Control

YES

YES

η/μ

YES

YES

_cons

−1.798***

−1.874***

(−7.261)

(−7.569)

adj R2

0.780

0.785

N

9323

9323

Panel B

TFP_OP

TFP_LP

FIN

0.331**

0.351**

(2.390)

(2.522)

FIN_SQ

−0.575***

−0.590***

(−3.163)

(−3.235)

CAP

−0.025**

−0.024**

(−2.137)

(−1.978)

FIN*CAP

0.168**

0.164**

(2.222)

(2.109)

FIN_SQ*CAP

−0.249***

−0.239**

(−2.825)

(−2.563)

Control

YES

YES

η/μ

YES

YES

_cons

−1.177***

−1.281***

(−6.458)

(−7.034)

Adj R2

0.778

0.783

N

9635

9635

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