Table 8 Heterogeneity analysis results.
Variable | State-owned | Non-state-owned | Manufacturing | Service industry |
---|---|---|---|---|
DID | 0.0776 | 0.164*** | 0.163* | − 0.110 |
(0.63) | (3.13) | (1.65) | (− 0.74) | |
Size | 0.322*** | 0.540*** | 0.626*** | 0.267*** |
(5.83) | (27.03) | (11.77) | (4.78) | |
Age | − 0.695*** | − 0.796*** | − 0.802*** | − 0.805*** |
(− 3.05) | (− 15.43) | (− 5.35) | (− 3.57) | |
Lev | − 0.00376 | − 0.0117*** | − 0.00884*** | − 0.00910*** |
(− 1.13) | (− 10.79) | (− 3.30) | (− 2.66) | |
Sub | 0.0536 | − 0.0666*** | − 0.0339 | − 0.0457 |
(1.34) | (− 4.27) | (− 0.95) | (− 1.26) | |
Growth | 0.0156 | − 0.0273* | − 0.0718*** | 0.00795 |
(0.74) | (− 1.72) | (− 2.78) | (0.41) | |
Roa | 1.067 | 0.598** | 1.122** | 0.468 |
(1.47) | (2.10) | (2.13) | (0.60) | |
Cashflow | − 0.0290 | 0.165 | 0.256 | − 0.0755 |
(− 0.17) | (1.63) | (1.28) | (− 0.53) | |
_ cons | 1.323 | 3.074*** | 2.222*** | 3.081*** |
(1.35) | (11.14) | (3.00) | (3.35) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
N | 7408 | 8752 | 9792 | 4448 |
r2 | 0.478 | 0.446 | 0.252 | 0.320 |