Table 9.

Analysis of differences in the nature of property rights

Independent variables	Property rights
	State-owned enterprises		Non-state-owned enterprises
	Model 6	Model 8	Model 6	Model 8
EPI	− 0.1071***		− 0.1651**
	(− 5.1147)		(− 2.3999)
GTI	0.0017		− 0.0007
	(1.2069)		(− 0.5798)
EPI*GTI	0.3112***		0.0371
	(3.0576)		(1.4751)
EPIi,t−2		0.1418***		0.1334***
		(7.2851)		(3.6119)
GTIi,t−2		0.0178***		0.0187***
		(11.6346)		(10.5864)
EPIi,t−2		0.4817***		− 0.0050
*GTIi,t−2		(1.7233)		(− 0.2211)
SIZE	0.0030	− 0.0051***	0.0001	− 0.0104***
	(1.6139)	(− 2.6999)	(0.1224)	(− 4.2612)
LEV	0.0174	− 0.0104	0.0152	− 0.0083
	(0.7812)	(− 0.3150)	(0.6818)	(− 0.2218)
AGE	12.6119***	20.5830	14.5910
	(3.0004)
EQU	− 0.0003	0.0000	0.0004	0.0005
	(− 0.5690)	(0.0337)	(0.6978)	(0.6526)
LIQ	0.0007**	0.0080	− 0.0016	− 0.0005
	(2.3042)	(1.5648)	(− 0.7096)	(− 0.0923)
YEAR	Yes	Yes	Yes	Yes
N	623	252	544	174
adj. R2	0.487	0.795	0.533	0.748

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