Table 6 Heterogeneity regression results of different property rights.
Variables | State-owned | Non-state-owned | ||
|---|---|---|---|---|
EI | EI | EI | EI | |
Model 5a | Model 5b | Model 5c | Model 5d | |
CFA | 0.0352** (1.9827) | 0.0094 (0.8962) | ||
Gender | −0.3277** (−2.1171) | −0.2700* (−1.7186) | −0.0319 (−0.6502) | −0.0318 (−0.6491) |
Tenure | −0.0004 (−0.0753) | −0.0013 (−0.2505) | −0.0018 (−0.6872) | −0.0011 (−0.4196) |
Dual | −0.0537 (−0.9401) | −0.0611 (−1.0696) | −0.0284 (−1.2593) | −0.0297 (−1.3177) |
Firm age | −0.1366 (−0.1716) | −0.3063 (−0.3837) | −0.1182 (−0.5413) | −0.1190 (−0.5452) |
Size | 0.0515 (0.9550) | 0.0705 (1.2900) | 0.0346 (1.5585) | 0.0356 (1.6011) |
Roa | −0.0421 (−0.1035) | −0.0357 (−0.0879) | −0.2199 (−1.2995) | −0.2197 (−1.2985) |
GP | 0.0168 (0.0499) | −0.0397 (−0.1178) | 0.1061 (0.7441) | 0.1007 (0.7049) |
Board | −0.2519 (−1.5951) | −0.2722* (−1.7250) | 0.0193 (0.2649) | 0.0196 (0.2696) |
Top1 | −0.0062* (−1.8170) | −0.0069** (−2.0019) | −0.0005 (−0.2993) | −0.0004 (−0.2214) |
_cons | 0.5107 (0.2027) | 0.4727 (0.1881) | −0.3351 (−0.4174) | −0.3991 (−0.4952) |
Time effect | Yes | Yes | Yes | Yes |
Individual effect | Yes | Yes | Yes | Yes |
N | 660 | 660 | 1626 | 1626 |
R2 | 0.034 | 0.042 | 0.012 | 0.012 |
F | 1.345 | 1.525 | 1.138 | 1.116 |
