Note(s): This table presents the results of testing the impact of firm ownership on the relation between political uncertainty and asymmetric behavior of operating costs. The subscript $t$ denotes the time index, while prefecture-city and firm indices are omitted for brevity. The dependent variable is $ΔlnXOPR$⁠, the log-change in operating costs. Column (1) adds the key variable $SOE$⁠. $SOE$ is a dummy variable that takes the value of one for a state-owned enterprise and zero otherwise. Columns (2) and (3) report the results on the subsample of SOEs and the subsample of POEs, respectively. $ΔlnSALE$ is the log-change in sales. $D$ is a dummy variable that takes the value of one if sales decrease, and zero otherwise. $TURNOVER$ is a dummy variable that takes the value of one if either the city head or mayor is changed in year $t$⁠, and zero otherwise. All variables are defined in the Table A1. Regressions control for both firm and year fixed effects. Robust t-statistics reported in parentheses are based on standard errors clustered by firm. In this table, *, **, and *** denote statistical significance at the 10, 5, and 1% levels, respectively