Table 13.
Heterogeneity test results.
| (State enterprises) ln_digi2 | (Private enterprises) ln_digi2 | (Identical) ln_digi2 | (Non-identical) ln_digi2 | (Manufacturing) ln_digi2 | (Other) ln_digi2 | (Recession) ln_digi2 | (The rest) ln_digi2 | |
|---|---|---|---|---|---|---|---|---|
| Size | 0.1802*** (14.75) | 0.2716*** (26.01) | 0.2370*** (12.93) | 0.2387*** (26.88) | 0.1171*** (4.71) | 0.2558*** (31.46) | 0.2565*** (31.39) | 0.2100*** (6.82) |
| Lev | 0.0027 (0.06) | 0.0093*** (2.95) | 0.0043 (0.38) | 0.0073** (2.38) | 0.0104 (1.19) | 0.0079** (2.49) | 0.0107*** (3.20) | 0.0020 (0.20) |
| REC | 0.6986*** (5.53) | 0.6374*** (6.64) | 0.6046*** (3.85) | 0.7923*** (8.91) | 0.4448** (2.08) | 0.7224*** (8.94) | 0.7261*** (9.04) | 0.8232*** (2.97) |
| ROA | 0.2857*** (3.11) | − 0.0090 (− 0.41) | − 0.0044 (− 0.13) | − 0.0050 (− 0.17) | 0.0054 (0.17) | − 0.0011 (− 0.04) | 0.0490 (1.14) | − 0.0112 (− 0.39) |
| Mfee | 0.0035 (0.49) | 0.0003* (1.79) | 0.0001 (0.12) | 0.0002 (1.19) | 0.0000 (0.05) | 0.0003 (1.53) | 0.0004** (2.19) | − 0.0011 (− 0.09) |
| Top1 | − 0.3807*** (− 4.37) | − 0.6183*** (− 7.52) | − 0.7612*** (− 4.96) | − 0.5166*** (− 7.89) | − 0.9980*** (− 5.39) | − 0.6221*** (− 9.95) | − 0.6550*** (− 10.82) | − 0.3876 (− 1.26) |
| overseainc | − 0.0875 (− 1.27) | − 0.2756*** (− 5.63) | − 0.3993*** (− 5.05) | − 0.1708*** (− 3.54) | 0.0713 (0.69) | − 0.2390*** (− 5.44) | − 0.2398*** (− 5.79) | − 0.3301* (− 1.75) |
| ecycle | − 0.0051 (− 0.21) | − 0.0283 (− 1.24) | 0.0310 (0.88) | − 0.0287 (− 1.49) | − 0.0858* (− 1.90) | − 0.0139 (− 0.77) | ||
| FirmAge | − 0.4341*** (− 6.09) | 0.2022*** (3.42) | 0.1710* (1.70) | − 0.0416 (− 0.78) | − 0.0610 (− 0.47) | 0.1821*** (3.80) | 0.0901** (1.96) | 0.2063 (0.48) |
| hhi_d | − 0.1759** (− 2.41) | − 0.3796*** (− 5.38) | − 0.2476** (− 2.15) | − 0.3296*** (− 5.68) | − 0.6827* (− 1.87) | − 0.3135*** (− 5.93) | − 0.2979*** (− 5.58) | 0.2232 (0.82) |
| SOE | − 0.1114 (− 1.48) | − 0.0029 (− 0.11) | − 0.1933*** (− 3.22) | 0.0001 (0.00) | − 0.0603** (− 2.32) | − 0.0084 (− 0.08) | ||
| _cons | − 2.5261*** (− 8.18) | − 5.5315*** (− 22.14) | − 4.7979*** (− 11.22) | − 4.4738*** (− 20.23) | − 1.8028*** (− 3.12) | − 5.1871*** (− 25.98) | − 5.0405*** (− 25.67) | − 4.4090*** (− 3.39) |
| Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 14,169 | 23,654 | 10,312 | 27,511 | 5,319 | 32,504 | 35,608 | 2,215 |
| adj. R2 | 0.293 | 0.288 | 0.190 | 0.279 | 0.206 | 0.300 | 0.296 | − 0.395 |
| F | 301.5416 | 540.4887 | 197.6344 | 562.0322 | 87.9027 | 709.5102 | 806.6601 | 20.4412 |
t statistics in parentheses.
* p < 0.1, ** p < 0.05, *** p < 0.01.