Table 7.

Heterogeneity analysis based on firm nature, firm size and firm leverage.

	CVit
	(1)	(2)	(3)	(4)	(5)	(6)
	SOE	NSOE	Big Firms	Small Firms	High-Lev	Low-Lev
PVAIit	.004**	.007***	.009***	.010***	.006***	.005*
	(2.01)	(3.40)	(5.60)	(4.75)	(3.41)	(1.89)
Sizeit	.016***	.021***			.022***	.016***
	(5.95)	(6.76)			(7.61)	(4.25)
PERit	−.006***	−.008***	−.009***	−.005***	−.004***	−.001***
	(-7.75)	(-10.44)	(-8.70)	(-8.67)	(-10.13)	(-6.37)
Levit	−.004*	−.002	−.007***	−.002
	(-1.84)	(-1.54)	(-2.70)	(-1.25)
FZNit	.059**	.014	.064**	.001	.007	.006
	(2.07)	(.48)	(2.18)	(.35)	(.30)	(1.42)
OWNit	.001***	.001***	.001***	.001***	.001***	.001***
	(2.97)	(4.54)	(3.59)	(2.68)	(4.88)	(2.52)
Tobinsqit	.053***	.046***	.083***	.027***	.004***	.087***
	(11.32)	(11.73)	(14.49)	(8.84)	(13.00)	(11.13)
Lernerit	.022***	.023***	.017***	.027***	.025***	.015***
	(9.31)	(8.68)	(8.86)	(8.96)	(10.65)	(5.94)
Liquidityit	.003***	.004*	.003***	.007	.004**	−.003**
	(2.57)	(1.75)	(2.58)	(.43)	(2.17)	(2.14)
FBDit	.016	−.008	.034	.007	.006	.007
	(.50)	(-.27)	(1.02)	(.23)	(.247)	(.16)
ABDAit	.001	−.002**	.001	−.003**	−.001	.000
	(.77)	(-2.17)	(.84)	(-2.38)	(-1.44)	(-.10)
BSit	.001	.002	.002	−.003	.001	.002
	(.35)	(1.07)	(1.61)	(-1.34)	(.77)	(1.04)
FNatureit			−.033**	−.002*	−.034***	−.031***
			(-2.48)	(-1.85)	(-5.82)	(-2.94)
Constant	−.037***	−.047***	−.016**	.023***	−.041***	−.037***
	(-4.44)	(-2.99)	(-2.49)	(4.10)	(-5.08)	(-2.96)
Observations	3272	3120	3402	3344	4489	1988
R-squared	.166	.293	.245	.123	.167	.239
Adj R2	.162	.286	.241	.119	.163	.232
F-stat	20.427	25.201	22.671	13.928	25.322	12.384
Industry FE effects	Yes	Yes	Yes	Yes	Yes	Yes
Year FE effects	Yes	Yes	Yes	Yes	Yes	Yes
Firm FE effects	Yes	Yes	Yes	Yes	Yes	Yes

Notes: CV_it is measured by the logarithm of (Net Profit/Average Balance of Total Owners' Equity) * [1 - Dividend per Share Before Taxes/(Net Profit in Current Period/Average Balance of Paid-in Capital)]; PVAI_it is measured as the logarithm of the scale of enterprises' targeted poverty alleviation investment plus one; IGC_it is measured as the natural logarithm of corporate internal control index based on COSO Framework (1994); Tobinsq_it is measured by Tobin'Q values; Size_it Natural logarithm of total assets; PER_it is measured as Price earnings ratio; Liquidity_it is measured as Yearly Turnover (Total Shares); OWN_it is measured as the shareholding of the largest shareholder; FZN_it is measured by [(Trading financial assets + derivative financial assets + long-term equity investment + investment real estate + held-to-maturity investment)/total assets]; BS_it is measured as Total number of directors; ABDA_it is measured as Average age of board of directors; FBD_it is measured as Ratio of female directors to total number of board of directors; Lerner_it is measured as the logarithm of Lerner Index of an Individual Stock (percentage markup of price above marginal cost); ${\mathrm{F}\mathrm{N}\mathrm{a}\mathrm{t}\mathrm{u}\mathrm{r}\mathrm{e}}_{\mathrm{i}\mathrm{t}}$ is a dummy variable represents the ownership nature of firm where state-owned firms = 1 and 0 otherwise. t-values are in parentheses. t-values are in parentheses.

***p < .01, **p < .05, *p < .1.