Table 8. Heterogeneity analysis Variable... | Emerald Publishing

Table 8.

Heterogeneity analysis

Variable	SOEs	non-SOEs	HPs	non-HPs	Heavy	Light	East	Central	West
Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
DRI	0.708*** (56.560)	0.595*** (76.886)	0.702*** (54.715)	0.589*** (79.646)	0.691*** (43.897)	0.604*** (86.027)	0.560*** (105.052)	0.356*** (10.755)	0.233*** (9.111)
Constant	0.419*** (37.780)	0.470*** (38.224)	0.467*** (43.708)	0.467*** (43.539)	0.457*** (34.723)	0.478*** (67.438)	0.472*** (74.393)	0.619*** (36.423)	0.427*** (29.770)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Province fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	5,081	10,484	4,837	10,728	3,461	12,104	11,048	1,933	2,584
R²	0.882	0.916	0.895	0.907	0.886	0.908	0.934	0.930	0.939

Variable	SOEs	non-SOEs	HPs	non-HPs	Heavy	Light	East	Central	West
Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
DRI	0.708*** (56.560)	0.595*** (76.886)	0.702*** (54.715)	0.589*** (79.646)	0.691*** (43.897)	0.604*** (86.027)	0.560*** (105.052)	0.356*** (10.755)	0.233*** (9.111)
Constant	0.419*** (37.780)	0.470*** (38.224)	0.467*** (43.708)	0.467*** (43.539)	0.457*** (34.723)	0.478*** (67.438)	0.472*** (74.393)	0.619*** (36.423)	0.427*** (29.770)
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Province fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	5,081	10,484	4,837	10,728	3,461	12,104	11,048	1,933	2,584
R²	0.882	0.916	0.895	0.907	0.886	0.908	0.934	0.930	0.939

Note(s):

***, ** and *are significant at 1, 5 and 10% levels, respectively, with t-values in brackets