Table 11 Impact mechanism: enhancing...

Table 11

Impact mechanism: enhancing market recognition

Variables	(1)	(2)	(3)
Variables	recognition	performance	performance
dt	1.184***	0.965***	2.733***
dt	(0.205)	(0.332)	(0.547)
recognition		0.028**	0.159***
recognition		(0.012)	(0.035)
dt✕recognition			−0.361***
dt✕recognition			(0.089)
turnover	0.025***	0.008***	0.008***
turnover	(0.002)	(0.003)	(0.003)
state	−0.388***	0.317***	0.317***
state	(0.062)	(0.115)	(0.115)
lnage	0.811***	1.030***	1.019***
lnage	(0.039)	(0.053)	(0.053)
lnboard	0.287***	0.538***	0.541***
lnboard	(0.097)	(0.157)	(0.157)
indep	0.080	0.309	0.341
indep	(0.277)	(0.447)	(0.447)
top10	1.564***	−2.341***	−2.333***
top10	(0.135)	(0.241)	(0.241)
dual	−0.001	0.036	0.033
dual	(0.028)	(0.045)	(0.045)
capital	0.271***	−0.449***	−0.451***
capital	(0.029)	(0.062)	(0.062)
growth	0.113***	0.503***	0.500***
growth	(0.021)	(0.039)	(0.039)
subsidy	0.085	−11.367***	−11.380***
subsidy	(0.706)	(1.241)	(1.240)
tax	0.034	−0.237***	−0.233***
tax	(0.048)	(0.086)	(0.085)
asset	0.014***	0.002**	0.003***
asset	(0.001)	(0.001)	(0.001)
Constant	−0.375	8.384***	7.755***
Constant	(0.339)	(0.590)	(0.616)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.712	0.828	0.828

Variables	(1)	(2)	(3)
Variables	recognition	performance	performance
dt	1.184***	0.965***	2.733***
dt	(0.205)	(0.332)	(0.547)
recognition		0.028**	0.159***
recognition		(0.012)	(0.035)
dt✕recognition			−0.361***
dt✕recognition			(0.089)
turnover	0.025***	0.008***	0.008***
turnover	(0.002)	(0.003)	(0.003)
state	−0.388***	0.317***	0.317***
state	(0.062)	(0.115)	(0.115)
lnage	0.811***	1.030***	1.019***
lnage	(0.039)	(0.053)	(0.053)
lnboard	0.287***	0.538***	0.541***
lnboard	(0.097)	(0.157)	(0.157)
indep	0.080	0.309	0.341
indep	(0.277)	(0.447)	(0.447)
top10	1.564***	−2.341***	−2.333***
top10	(0.135)	(0.241)	(0.241)
dual	−0.001	0.036	0.033
dual	(0.028)	(0.045)	(0.045)
capital	0.271***	−0.449***	−0.451***
capital	(0.029)	(0.062)	(0.062)
growth	0.113***	0.503***	0.500***
growth	(0.021)	(0.039)	(0.039)
subsidy	0.085	−11.367***	−11.380***
subsidy	(0.706)	(1.241)	(1.240)
tax	0.034	−0.237***	−0.233***
tax	(0.048)	(0.086)	(0.085)
asset	0.014***	0.002**	0.003***
asset	(0.001)	(0.001)	(0.001)
Constant	−0.375	8.384***	7.755***
Constant	(0.339)	(0.590)	(0.616)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.712	0.828	0.828

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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