Table 7.
Heterogenous analysis across ownerships
| Variables | State-owned firm | Private firm | Foreign-funded firm |
|---|---|---|---|
| ER | 0.7275 | 1.7358*** | 2.2616*** |
| (0.7050) | (0.1016) | (0.4426) | |
| ER*PI | − 3.1275** | − 0.6723*** | 1.0892 |
| (1.2507) | (0.2276) | (1.0512) | |
| Regional fixed effect | Yes | Yes | Yes |
| Control variables | Yes | Yes | Yes |
| N | 12236 | 408173 | 31658 |
| Log likelihood | − 1367 | − 41974 | − 3187 |
| Prob > chi2 | 0.0000 | 0.0000 | 0.0000 |
***, ** and * indicate significant under 1%, 5%, and 10% levels, respectively; figures in the parentheses are standard error.
Own elaboration.