Table 3.
The t-test between state-owed and non-state-owned firms.
| Department | Internal control | Finance | Audit | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Ownership and sample size |
Non-state
(161) |
State-owned
(263) |
T-test |
Non-state
(770) |
State-owned
(335) |
T-test |
Non-state
(693) |
State-owned
(209) |
T-test |
| Var name | Mean | Mean | Mean-diff | Mean | Mean | Mean | Mean | Mean-diff | |
| IDEN | 4.231 | 4.181 | 0.050 | 4.292 | 4.262 | 0.030 | 4.233 | 4.242 | −0.009 |
| PSR | 0.910 | 0.969 | −0.059 | 0.838 | 0.887 | −0.048 | 0.921 | 0.953 | −0.032 |
| TRUST | 2.512 | 2.422 | 0.090* | 2.464 | 2.431 | 0.032 | 2.495 | 2.423 | 0.072* |
| GROWTH | 0.236 | 0.049 | 0.187** | 0.204 | 0.062 | 0.142*** | 0.192 | 0.078 | 0.114*** |
| INVENTORY | 0.149 | 0.158 | −0.009 | 0.136 | 0.161 | −0.025*** | 0.134 | 0.165 | −0.032*** |
| SIZE | 22.330 | 22.807 | −0.477*** | 21.630 | 22.622 | −0.993*** | 21.603 | 22.642 | −1.039*** |
| LOSS | 0.068 | 0.144 | −0.076** | 0.065 | 0.134 | −0.069*** | 0.051 | 0.163 | −0.112*** |
| AUDITOR_R~N | 0.043 | 0.087 | −0.044* | 0.040 | 0.099 | −0.058*** | 0.033 | 0.086 | −0.053*** |
| AUDITOR | 0.056 | 0.095 | −0.039 | 0.018 | 0.081 | −0.062*** | 0.020 | 0.096 | −0.075*** |
| DUAL | 0.273 | 0.087 | 0.186*** | 0.369 | 0.099 | 0.270*** | 0.351 | 0.105 | 0.245*** |
| FIRST | 30.964 | 39.732 | −8.768*** | 33.082 | 38.791 | −5.709*** | 32.967 | 38.244 | −5.277*** |
| MAO | 0.019 | 0.034 | −0.016 | 0.021 | 0.027 | −0.006 | 0.017 | 0.029 | −0.011 |
| INDEPEN | 0.373 | 0.367 | 0.006 | 0.377 | 0.366 | 0.011*** | 0.376 | 0.367 | 0.009** |
| MANSHARE | 0.067 | 0.001 | 0.066*** | 0.230 | 0.008 | 0.222*** | 0.253 | 0.009 | 0.244*** |
| TRADE | 4.873 | 4.055 | 0.818* | 9.616 | 4.495 | 5.121*** | 9.671 | 4.848 | 4.823*** |
| ROA | 0.044 | 0.024 | 0.020*** | 0.048 | 0.029 | 0.020*** | 0.051 | 0.024 | 0.027*** |
*, **, and ***
indicates a significance level at 10, 5, and 1%, respectively.