Table 7.

Heterogeneous Analysis(1).

	Baseline	Region			R&D
		Eastern	Center	Western	High R&D	Low R&D
chairarmy	1.920**	1.437	6.552***	2.539***	3.522***	−2.145
	(0.850)	(1.029)	(1.210)	(0.637)	(0.888)	(1.535)
return_ass	−0.195***	−0.197***	−8.410	−1.126	−0.151***	0.811
	(0.006)	(0.007)	(9.421)	(2.982)	(0.008)	(2.708)
total_lev	0.001***	0.001***	−0.021***	−0.020	0.001**	−0.021
	(0.000)	(0.000)	(0.004)	(0.040)	(0.000)	(0.024)
govcon	0.065	0.427	−2.087*	1.109	0.542	−0.798
	(0.474)	(0.662)	(1.190)	(0.751)	(0.545)	(0.921)
indep_director	0.209	0.424	−0.199	0.112	0.317	−0.554
	(0.299)	(0.367)	(0.876)	(0.428)	(0.358)	(0.386)
owner_first	0.003	0.011	−0.067	0.041	0.016	−0.012
	(0.029)	(0.035)	(0.100)	(0.066)	(0.036)	(0.043)
owner_three	0.070	0.104	0.263	−0.319	0.002	0.085
	(0.070)	(0.077)	(0.244)	(0.205)	(0.094)	(0.082)
owner_five	−0.027	−0.093	−0.180	0.494**	0.022	−0.107
	(0.090)	(0.103)	(0.261)	(0.236)	(0.129)	(0.108)
owner_ten	−0.003	0.022	0.078	−0.204**	−0.011	0.046
	(0.042)	(0.050)	(0.107)	(0.100)	(0.058)	(0.062)
sharehold_chair	−0.005	−0.003	−0.077	0.039	0.011	−0.023
	(0.018)	(0.021)	(0.068)	(0.041)	(0.024)	(0.029)
overseaback_chair	−0.455	−0.280	−0.406	−0.716	−0.741	−0.554
	(0.383)	(0.452)	(1.577)	(0.857)	(0.477)	(0.564)
overseaexp_chair	−0.010	−0.223	0.316	0.163	0.089	0.362
	(0.310)	(0.365)	(1.195)	(0.804)	(0.396)	(0.423)
overseaedu_chair	0.341	0.267	−0.067	0.486	0.546	0.273
	(0.294)	(0.345)	(1.326)	(0.760)	(0.365)	(0.477)
femalenum_chair	−0.144	−0.222	0.048	0.222	−0.009	−0.218
	(0.145)	(0.177)	(0.520)	(0.331)	(0.193)	(0.170)
salary_chair	0.000***	0.000***	0.000*	0.000	0.000***	0.000
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
number_chair	−0.045	−0.055	−0.057	0.061	−0.041	−0.008
	(0.029)	(0.036)	(0.078)	(0.064)	(0.038)	(0.047)
Constant	15.978***	15.335***	15.516***	16.778***	16.671***	19.680***
	(1.582)	(1.902)	(4.408)	(2.274)	(1.987)	(2.388)
Firm FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Observation	4526	3418	569	556	2842	1701
R-square	0.837	0.686	0.631	0.743	0.701	0.564
F-value	1005.089***	3043.163***	23.850***	40.172***	922.372***	28.854***

Standard Errors are in the parentheses* p < 0.1, **p < 0.05, ***p < 0.01.