Table 9 Impact mechanism: enhancing...

Table 9

Impact mechanism: enhancing management efficiency

Variables	(1)	(2)	(3)
Variables	manage	performance	performance
dt	0.015**	0.886***	7.356**
dt	(0.007)	(0.326)	(3.138)
manage		7.015***	9.652***
manage		(0.569)	(1.486)
dt✕manage			−7.109**
dt✕manage			(3.408)
state	−0.004*	0.341***	0.338***
state	(0.002)	(0.114)	(0.114)
lnage	0.004***	0.968***	0.958***
lnage	(0.001)	(0.047)	(0.047)
lnboard	0.012***	0.468***	0.465***
lnboard	(0.004)	(0.156)	(0.156)
indep	−0.001	0.332	0.320
indep	(0.010)	(0.442)	(0.442)
top10	0.018***	−2.539***	−2.557***
top10	(0.005)	(0.234)	(0.233)
dual	0.002	0.026	0.025
dual	(0.001)	(0.044)	(0.044)
capital	−0.000	−0.444***	−0.443***
capital	(0.001)	(0.060)	(0.060)
growth	0.011***	0.431***	0.430***
growth	(0.001)	(0.038)	(0.038)
subsidy	−0.589***	−7.166***	−7.262***
subsidy	(0.040)	(1.229)	(1.225)
tax	0.015***	−0.347***	−0.353***
tax	(0.002)	(0.083)	(0.083)
asset	0.000***	0.002**	0.003**
asset	(0.000)	(0.001)	(0.001)
Constant	0.871***	2.502***	0.135
Constant	(0.012)	(0.771)	(1.479)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.734	0.832	0.832

Variables	(1)	(2)	(3)
Variables	manage	performance	performance
dt	0.015**	0.886***	7.356**
dt	(0.007)	(0.326)	(3.138)
manage		7.015***	9.652***
manage		(0.569)	(1.486)
dt✕manage			−7.109**
dt✕manage			(3.408)
state	−0.004*	0.341***	0.338***
state	(0.002)	(0.114)	(0.114)
lnage	0.004***	0.968***	0.958***
lnage	(0.001)	(0.047)	(0.047)
lnboard	0.012***	0.468***	0.465***
lnboard	(0.004)	(0.156)	(0.156)
indep	−0.001	0.332	0.320
indep	(0.010)	(0.442)	(0.442)
top10	0.018***	−2.539***	−2.557***
top10	(0.005)	(0.234)	(0.233)
dual	0.002	0.026	0.025
dual	(0.001)	(0.044)	(0.044)
capital	−0.000	−0.444***	−0.443***
capital	(0.001)	(0.060)	(0.060)
growth	0.011***	0.431***	0.430***
growth	(0.001)	(0.038)	(0.038)
subsidy	−0.589***	−7.166***	−7.262***
subsidy	(0.040)	(1.229)	(1.225)
tax	0.015***	−0.347***	−0.353***
tax	(0.002)	(0.083)	(0.083)
asset	0.000***	0.002**	0.003**
asset	(0.000)	(0.001)	(0.001)
Constant	0.871***	2.502***	0.135
Constant	(0.012)	(0.771)	(1.479)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.734	0.832	0.832

Note(s): This regression controls for year, firm and industry fixed effects, and the standard errors are heteroskedasticity-robust. ***, ** and * refer to statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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