Table 11.

Analysis on the difference of corporate governance level

Independent variables	Corporate governance level
	High level		Low level
	Model 6	Model 8	Model 6	Model 8
EPI	− 0.1099***		0.0502
	(− 4.9150)		(0.5334)
GTI	0.0001		0.0011
	(0.0583)		(0.6888)
EPI*GTI	0.3293***		− 0.0608
	(3.1758)		(− 1.4078)
EPIi,t−2		0.1094***		0.1392
		(4.2921)		(1.3084)
GTIi,t−2		0.0184***		0.0180***
		(10.5101)		(9.9035)
EPIi,t−2		0.4801***		0.0130
*GTIi,t−2		(2.1469)		(0.4344)
SIZE	0.0025	− 0.0082***	− 0.0012	− 0.0109***
	(1.1808)	(− 3.4129)	(− 1.1103)	(− 4.4762)
LEV	0.0623	0.0563	− 0.0025	0.0221
	(1.6144)	(1.3835)	(− 0.1229)	(0.3804)
AGE	16.1308***	− 0.1468	43.2260***
	(3.1519)	(− 0.0084)	(3.7023)
EQU	− 0.0004	− 0.0004	0.0007	0.0018**
	(− 0.7688)	(− 0.3646)	(1.4224)	(2.2900)
LIQ	− 0.0062**	0.0146	0.0020	− 0.0034
	(− 2.5589)	(1.5751)	(0.9260)	(− 0.5933)
SOE	− 0.0373***	− 0.0343***	− 0.0258***
	(− 5.3212)	(− 4.6392)	(− 4.3395)
YEAR	Yes	Yes	Yes	Yes
N	551	209	550	180
adj. R2	0.467	0.827	0.571	0.715

*** Significant at 1%; ** significant at 5%; * significant at 10%