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Test results based on different property rights.
| Variables | State-owned enterprise | Non-state-owned enterprise | ||
|---|---|---|---|---|
| Exploratory | Exploitative | Exploratory | Exploitative | |
| DT | 0.026*** | 0.014*** | 0.047** | 0.021*** |
| (0.006) | (0.004) | (0.005) | (0.004) | |
| Controls | YES | YES | YES | YES |
| Year | YES | YES | YES | YES |
| Industry | YES | YES | YES | YES |
| _cons | − 0.453* | − 0.285 | − 0.281 | − 0.337** |
| (0.176) | (0.183) | (0.179) | (0.143) | |
| Obs | 4729 | 5037 | 6984 | 7871 |
| 0.186 | 0.273 | 0.232 | 0.260 | |
t-statistics in parentheses: *p < 0.1, **p < 0.05, ***p < 0.01.
