Table 8 Heterogeneity test Variables (1)...

Table 8

Heterogeneity test

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	SOE = 1	SOE = 0	HTT = 1	HTT = 0	Industry = 1	Industry = 0
AI	0.133***	0.042***	0.052***	0.051***	0.109***	0.001
AI	(9.39)	(2.87)	(2.58)	(3.90)	(10.74)	(0.05)
Compete	0.021	0.054***	0.142***	0.007	0.031***	0.068**
Compete	(1.29)	(3.62)	(4.25)	(0.68)	(2.96)	(2.38)
Create	0.045	0.082**	0.224***	−0.019	0.042*	0.114*
Create	(1.32)	(2.49)	(2.92)	(−0.87)	(1.79)	(1.94)
HHI	−0.066***	−0.050***	−0.209***	0.011	−0.009	−0.073***
HHI	(−6.15)	(−4.11)	(−8.80)	(1.50)	(−0.81)	(−4.94)
Subsidy	0.000	0.001***	0.003***	0.000*	0.001**	0.002**
Subsidy	(1.13)	(3.13)	(3.39)	(1.78)	(2.45)	(2.24)
DFI	0.044**	0.040	0.090	0.001	0.007	0.121***
DFI	(2.12)	(1.47)	(1.54)	(0.07)	(0.41)	(2.72)
Size	0.002	0.015***	0.021***	0.008***	0.006***	0.020***
Size	(1.47)	(9.43)	(5.95)	(7.87)	(5.74)	(6.92)
ROA	0.003	−0.068***	0.031	−0.083***	−0.067***	−0.021
ROA	(0.09)	(−2.66)	(0.56)	(−4.49)	(−3.48)	(−0.44)
Cash	−0.007	−0.053**	−0.123**	−0.006	−0.019	−0.067*
Cash	(−0.31)	(−2.57)	(−2.55)	(−0.40)	(−1.30)	(−1.67)
Growth	−0.004	−0.009***	−0.024***	−0.002	−0.003	−0.014***
Growth	(−1.17)	(−3.00)	(−3.49)	(−0.86)	(−1.38)	(−2.62)
Lev	0.021**	−0.030***	0.003	−0.017***	−0.010	−0.015
Lev	(2.20)	(−3.51)	(0.16)	(−2.97)	(−1.64)	(−0.96)
MTB	0.001	0.000	−0.000	0.002*	0.000	0.004*
MTB	(0.70)	(0.30)	(−0.07)	(1.96)	(0.37)	(1.78)
Netloss	−0.004	0.012**	0.024*	0.002	0.009**	0.002
Netloss	(−0.73)	(2.01)	(1.79)	(0.51)	(2.31)	(0.19)
Top1	−0.042***	−0.079***	−0.117***	−0.050***	−0.036***	−0.148***
Top1	(−4.16)	(−8.15)	(−5.41)	(−8.08)	(−5.49)	(−7.98)
Agescale	−0.005***	0.003***	0.006***	−0.002**	0.000	0.001
Agescale	(−4.27)	(2.63)	(2.84)	(−2.09)	(0.24)	(0.25)
SOE			−0.006	−0.011***	−0.007***	−0.015**
SOE			(−0.74)	(−5.14)	(−3.23)	(−2.29)
HTT	0.004	0.002			0.006***	0.142***
HTT	(0.93)	(0.45)			(2.75)	(9.88)
Big4	0.001	0.018**	0.042***	−0.004	−0.009**	0.025**
Big4	(0.10)	(2.41)	(2.70)	(−1.10)	(−2.00)	(2.28)
Constant	−0.015	−0.399***	−0.509***	−0.141***	−0.167***	−0.515***
Constant	(−0.38)	(−9.66)	(−5.97)	(−5.46)	(−6.03)	(−7.08)
Year fixed effect	YES	YES	YES	YES	YES	YES
Industry fixed effect	YES	YES	YES	YES	YES	YES
N	8,774	18,626	7,105	20,295	19,195	8,205
Adj_R²	0.098	0.126	0.174	0.033	0.023	0.169
Chow test	6.07 (0.000)		15.65 (0.000)		5.55 (0.000)

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	SOE = 1	SOE = 0	HTT = 1	HTT = 0	Industry = 1	Industry = 0
AI	0.133***	0.042***	0.052***	0.051***	0.109***	0.001
AI	(9.39)	(2.87)	(2.58)	(3.90)	(10.74)	(0.05)
Compete	0.021	0.054***	0.142***	0.007	0.031***	0.068**
Compete	(1.29)	(3.62)	(4.25)	(0.68)	(2.96)	(2.38)
Create	0.045	0.082**	0.224***	−0.019	0.042*	0.114*
Create	(1.32)	(2.49)	(2.92)	(−0.87)	(1.79)	(1.94)
HHI	−0.066***	−0.050***	−0.209***	0.011	−0.009	−0.073***
HHI	(−6.15)	(−4.11)	(−8.80)	(1.50)	(−0.81)	(−4.94)
Subsidy	0.000	0.001***	0.003***	0.000*	0.001**	0.002**
Subsidy	(1.13)	(3.13)	(3.39)	(1.78)	(2.45)	(2.24)
DFI	0.044**	0.040	0.090	0.001	0.007	0.121***
DFI	(2.12)	(1.47)	(1.54)	(0.07)	(0.41)	(2.72)
Size	0.002	0.015***	0.021***	0.008***	0.006***	0.020***
Size	(1.47)	(9.43)	(5.95)	(7.87)	(5.74)	(6.92)
ROA	0.003	−0.068***	0.031	−0.083***	−0.067***	−0.021
ROA	(0.09)	(−2.66)	(0.56)	(−4.49)	(−3.48)	(−0.44)
Cash	−0.007	−0.053**	−0.123**	−0.006	−0.019	−0.067*
Cash	(−0.31)	(−2.57)	(−2.55)	(−0.40)	(−1.30)	(−1.67)
Growth	−0.004	−0.009***	−0.024***	−0.002	−0.003	−0.014***
Growth	(−1.17)	(−3.00)	(−3.49)	(−0.86)	(−1.38)	(−2.62)
Lev	0.021**	−0.030***	0.003	−0.017***	−0.010	−0.015
Lev	(2.20)	(−3.51)	(0.16)	(−2.97)	(−1.64)	(−0.96)
MTB	0.001	0.000	−0.000	0.002*	0.000	0.004*
MTB	(0.70)	(0.30)	(−0.07)	(1.96)	(0.37)	(1.78)
Netloss	−0.004	0.012**	0.024*	0.002	0.009**	0.002
Netloss	(−0.73)	(2.01)	(1.79)	(0.51)	(2.31)	(0.19)
Top1	−0.042***	−0.079***	−0.117***	−0.050***	−0.036***	−0.148***
Top1	(−4.16)	(−8.15)	(−5.41)	(−8.08)	(−5.49)	(−7.98)
Agescale	−0.005***	0.003***	0.006***	−0.002**	0.000	0.001
Agescale	(−4.27)	(2.63)	(2.84)	(−2.09)	(0.24)	(0.25)
SOE			−0.006	−0.011***	−0.007***	−0.015**
SOE			(−0.74)	(−5.14)	(−3.23)	(−2.29)
HTT	0.004	0.002			0.006***	0.142***
HTT	(0.93)	(0.45)			(2.75)	(9.88)
Big4	0.001	0.018**	0.042***	−0.004	−0.009**	0.025**
Big4	(0.10)	(2.41)	(2.70)	(−1.10)	(−2.00)	(2.28)
Constant	−0.015	−0.399***	−0.509***	−0.141***	−0.167***	−0.515***
Constant	(−0.38)	(−9.66)	(−5.97)	(−5.46)	(−6.03)	(−7.08)
Year fixed effect	YES	YES	YES	YES	YES	YES
Industry fixed effect	YES	YES	YES	YES	YES	YES
N	8,774	18,626	7,105	20,295	19,195	8,205
Adj_R²	0.098	0.126	0.174	0.033	0.023	0.169
Chow test	6.07 (0.000)		15.65 (0.000)		5.55 (0.000)

Note(s): *** indicates significance at the 1% level (p < 0.01); ** indicates significance at the 5% level (p < 0.05); * indicates significance at the 10% level (p < 0.1). Standard errors are adjusted for firm-level clustering. Variable definitions are presented in Appendix III

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