Table 8 Regression result with ownership structure perspective (SOEs sub-sample)

FEM1

− 0.042

− 0.012

0.058

− 0.030

− 0.051

(− 0.748)

(− 0.280)

(0.894)

(− 0.957)

(− 1.390)

FEM2

0.087

0.029

0.054

0.029

− 0.013

(1.148)

(0.521)

(0.630)

(0.692)

(− 0.265)

FEM3

0.037

0.058

0.058

0.008

0.057**

(0.339)

(0.727)

(0.470)

(0.141)

(2.213)

BS

0.018

0.007

0.012

0.009

0.010

(0.809)

(0.460)

(0.495)

(0.726)

(0.723)

BI

0.052

− 0.554

0.401

0.030

1.390***

(0.081)

(− 1.192)

(0.547)

(0.088)

(3.379)

FS

0.120**

− 0.097**

0.372***

− 0.038

− 0.239***

(2.098)

(− 2.398)

(5.732)

(− 1.269)

(− 6.602)

CEOD

0.005

0.028

− 0.054

0.030

− 0.030

(0.068)

(0.475)

(− 0.587)

(0.690)

(− 0.569)

FA

− 0.019

0.003

− 0.068***

0.011

0.044***

(− 1.425)

(0.278)

(− 4.458)

(1.559)

(5.096)

ROA

0.491***

0.635***

0.326***

0.774***

− 1.541***

(6.004)

(7.917)

(6.126)

(2.716)

(− 3.804)

LEV

− 0.391*

2.071***

− 0.562**

0.116

0.509***

(− 1.737)

(2.916)

(− 2.197)

(0.961)

(3.515)

N

1,172

1,188

1,174

1,260

1,185

R²

21%

35.1%

24.1%

23.3%

38.6%

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes