Table 5 Ownership-split results –...

Table 5

Ownership-split results – ROA_vol3_lag

	Non-SOE (N = 488, firms = 55)	SOE (N = 95, firms = 12)
E score (t−1)	0.0002	0.0287**
S score (t−1)	0.0016*	−0.0078
G score (t−1)	−0.0036***	−0.0254**
Ln(Assets)	−0.0059*	−0.0005
Board size	−0.0002	−0.0009
State ownership	−0.0001	−0.0001
Foreign ownership	0.0000	−0.0002**
Board independence	−0.0009	0.0089
R² (within)	0.0692	0.1553
Firm and year FE	Yes	Yes

	Non-SOE (N = 488, firms = 55)	SOE (N = 95, firms = 12)
E score (t−1)	0.0002	0.0287**
S score (t−1)	0.0016*	−0.0078
G score (t−1)	−0.0036***	−0.0254**
Ln(Assets)	−0.0059*	−0.0005
Board size	−0.0002	−0.0009
State ownership	−0.0001	−0.0001
Foreign ownership	0.0000	−0.0002**
Board independence	−0.0009	0.0089
R² (within)	0.0692	0.1553
Firm and year FE	Yes	Yes

Note(s): ***p < 0.01, **p < 0.05, *p < 0.10. Standard errors in parentheses. SOE results should be interpreted with caution given the small subsample size (12 firms) and large coefficient magnitudes that may reflect influential observations rather than genuine population effects

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