Table 3. Regression results of companies’ property rights and geographic heterogeneity.
| (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|
| Private | State-owned | East | Middle | West | |
| DIF | 0.0265*** | -0.0194** | 0.0163*** | 0.0002** | 0.00015** |
| (2.65) | (2.25) | (2.34) | (2.05) | (2.86) | |
| ROA | -0.1652*** | -0.2358*** | -0.6523*** | -0.1456*** | -0.2434*** |
| (-9.88) | (-3.25) | (-9.64) | (-4.15) | (-3.68) | |
| Year | controlled | controlled | controlled | controlled | controlled |
| Industry | controlled | controlled | controlled | controlled | controlled |
| AdjR2-squared | 0.265 | 0.2896 | 0.297 | 0.249 | 0.235 |