Table 8 The mediating role of supervision cost.
ER | MC | ER | |
|---|---|---|---|
(1) | (2) | (3) | |
AI | −0.089** | −0.034** | −0.067** |
[0.018] | [0.047] | [0.040] | |
MC | 0.656*** | ||
[0.000] | |||
HHI | −0.108 | −0.451* | 0.229 |
[0.536] | [0.086] | [0.372] | |
SOE | 0.008 | −0.052** | 0.043 |
[0.897] | [0.017] | [0.488] | |
Intercept | −13.961*** | 11.114*** | −21.256*** |
[0.001] | [0.000] | [0.000] | |
Control variables | Control | Control | Control |
Industry | Control | Control | Control |
Year | Control | Control | Control |
R2 | 0.1247 | 0.2100 | 0.1340 |
F | 325.278 | 137.582 | 403.170 |
N | 14,267 | 14,306 | 14,262 |