SOEs versus non-SOEs
| (1) | (2) | |
|---|---|---|
| Variable | SOEs | Non-SOEs |
| BoardOverseaRatio | 0.072** (2.05) | 0.086 (1.02) |
| lnSize | −0.009 (−0.44) | −0.024 (−0.78) |
| Leverage | −0.068 (−0.88) | −0.039 (−0.26) |
| ROE | 0.044 (0.72) | 0.091 (1.55) |
| lnFirmAge | 0.077 (1.24) | −0.019 (−0.17) |
| IndDirRatio | −0.079 (−0.92) | 0.087 (0.47) |
| lnBoardAgeAvg | −0.026 (−0.40) | −0.111 (−0.52) |
| lnMtgFreq | −0.007 (−0.72) | 0.025 (1.49) |
| Duality | 0.012 (1.46) | 0.010 (0.51) |
| TopTenHoldersRate | 0.003*** (4.37) | 0.003** (2.62) |
| Constant | 0.130 (0.24) | 1.070 (0.90) |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 633 | 508 |
| Within R2 | 0.107 | 0.095 |
| Adjusted R2 | 0.734 | 0.724 |
| (1) | (2) | |
|---|---|---|
| Variable | SOEs | Non-SOEs |
| BoardOverseaRatio | 0.072 | 0.086 (1.02) |
| lnSize | −0.009 (−0.44) | −0.024 (−0.78) |
| Leverage | −0.068 (−0.88) | −0.039 (−0.26) |
| 0.044 (0.72) | 0.091 (1.55) | |
| lnFirmAge | 0.077 (1.24) | −0.019 (−0.17) |
| IndDirRatio | −0.079 (−0.92) | 0.087 (0.47) |
| lnBoardAgeAvg | −0.026 (−0.40) | −0.111 (−0.52) |
| lnMtgFreq | −0.007 (−0.72) | 0.025 (1.49) |
| Duality | 0.012 (1.46) | 0.010 (0.51) |
| TopTenHoldersRate | 0.003 | 0.003 |
| Constant | 0.130 (0.24) | 1.070 (0.90) |
| Year fixed | Yes | Yes |
| Firm fixed | Yes | Yes |
| Observations | 633 | 508 |
| Within | 0.107 | 0.095 |
| Adjusted | 0.734 | 0.724 |
Appendix 2 provides variables definitions. t-statistics (in brackets) use firm-level clustered errors. Significance: * p < 0.10, ** p < 0.05, *** p < 0.01
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