Institutional difference, BRI and investment margins
| Intensive | Extensive | |||||||
|---|---|---|---|---|---|---|---|---|
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| Idiff | 0.014 (0.015) | 0.008 (0.017) | – | – | −0.071*** (0.020) | −0.092*** (0.022) | – | – |
| Idifff×bar | – | 0.020 (0.033) | – | – | – | 0.205*** (0.043) | – | – |
| Cdiff | – | – | 0.063*** (0.022) | 0.059** (0.025) | – | – | −0.112*** (0.028) | −0.119*** (0.030) |
| Cdifff×bar | – | – | – | 0.003 (0.047) | – | – | – | 0.050 (0.063) |
| bar | – | −0.052 (0.063) | – | −0.073 (0.100) | – | 0.374*** (0.079) | – | 0.016 (0.136) |
| Constant term | 5.092*** (0.261) | 5.928*** (0.260) | 5.901*** (0.357) | 5.960*** (0.356) | 1.249*** (0.243) | 1.146*** (0.241) | 1.823*** (0.359) | 1.751*** (0.366) |
| lnalpha | – | – | – | – | −0.344*** (0.027) | −0.356*** (0.027) | −0.331*** (0.031) | −0.332*** (0.031) |
| Control variable | Y | Y | Y | Y | Y | Y | Y | Y |
| Industry fixed effect | Y | Y | Y | Y | Y | Y | Y | Y |
| Time fixed effect | Y | Y | Y | Y | Y | Y | Y | Y |
| Sample size | 2,440 | 2,440 | 1,806 | 1,806 | 2,440 | 2,440 | 1,806 | 1,806 |
| Intensive | Extensive | |||||||
|---|---|---|---|---|---|---|---|---|
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| 0.014 (0.015) | 0.008 (0.017) | – | – | −0.071*** (0.020) | −0.092*** (0.022) | – | – | |
| – | 0.020 (0.033) | – | – | – | 0.205*** (0.043) | – | – | |
| – | – | 0.063*** (0.022) | 0.059** (0.025) | – | – | −0.112*** (0.028) | −0.119*** (0.030) | |
| – | – | – | 0.003 (0.047) | – | – | – | 0.050 (0.063) | |
| – | −0.052 (0.063) | – | −0.073 (0.100) | – | 0.374*** (0.079) | – | 0.016 (0.136) | |
| Constant term | 5.092*** (0.261) | 5.928*** (0.260) | 5.901*** (0.357) | 5.960*** (0.356) | 1.249*** (0.243) | 1.146*** (0.241) | 1.823*** (0.359) | 1.751*** (0.366) |
| lnalpha | – | – | – | – | −0.344*** (0.027) | −0.356*** (0.027) | −0.331*** (0.031) | −0.332*** (0.031) |
| Control variable | Y | Y | Y | Y | Y | Y | Y | Y |
| Industry fixed effect | Y | Y | Y | Y | Y | Y | Y | Y |
| Time fixed effect | Y | Y | Y | Y | Y | Y | Y | Y |
| Sample size | 2,440 | 2,440 | 1,806 | 1,806 | 2,440 | 2,440 | 1,806 | 1,806 |
Notes: Values in brackets are heteroscedasticity-robust standard errors; the same with the tables below. The generalized least squares approach is adopted from column (1) to (4), and negative binomial regression is used from column (5) to (8). **,***Significant at the 5 and 1 percent significant levels, respectively
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