Table 11 Other mechanism test results...

Table 11

Other mechanism test results

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Full sample	Full sample	Low debt guarantee	High debt guarantee
	Acost	ABSEM	Credit_loan	Credit_loan	Credit_loan
Reform	−0.0075*	−0.0107*	0.0138*	0.0372*	−0.0025
Reform	(1.79)	(1.88)	(1.80)	(1.83)	(−0.07)
Lnage	0.0097	−0.0164	−0.0204	0.0029	−0.0427
Lnage	(1.31)	(−1.17)	(−0.58)	(0.05)	(−0.91)
Lnsize	−0.0091**	−0.0152**	0.0591***	0.0568*	0.0620***
Lnsize	(−2.47)	(−2.19)	(3.40)	(1.80)	(2.71)
Growth	−0.0013	−0.0146**	−0.0384**	−0.0336	−0.0498
Growth	(−0.32)	(−1.97)	(−2.09)	(−1.42)	(−1.46)
Power	0.0069**	−0.0049	−0.0467***	−0.0456**	−0.0363
Power	(2.21)	(−0.81)	(−3.18)	(−2.31)	(−1.45)
RoA	−0.2761***	0.2582*	0.4192	0.5031	0.4229
RoA	(−3.76)	(1.84)	(1.21)	(0.86)	(0.92)
Lev	−0.1081***	0.0936**	−0.0698	−0.1165	−0.0142
Lev	(−5.19)	(2.37)	(−0.71)	(−0.69)	(−0.11)
Indro.	−0.0870	0.0417	0.0253	0.0503	−0.0921
Indro.	(−1.55)	(0.40)	(0.10)	(0.12)	(−0.26)
Lnboard	0.0007	0.0203	−0.1840**	−0.2128	−0.1815
Lnboard	(0.04)	(0.62)	(−2.23)	(−1.57)	(−1.61)
Ratio	−0.0023***	0.0022	0.0022	0.0028	0.0021
Ratio	(−2.79)	(1.40)	(0.56)	(0.44)	(0.39)
Year	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes
Constant	0.3407***	0.4452***	−0.6362	−0.4463	−0.7467
Constant	(3.99)	(2.79)	(−1.58)	(−0.65)	(−1.41)
N	654	654	654	285	369
R²_Adj	0.377	0.122	0.0593	0.0633	0.0549
F	7.936	2.604	2.722	2.343	2.419

Variable	(1)	(2)	(3)	(4)	(5)
	Full sample	Full sample	Full sample	Low debt guarantee	High debt guarantee
	Acost	ABSEM	Credit_loan	Credit_loan	Credit_loan
Reform	−0.0075*	−0.0107*	0.0138*	0.0372*	−0.0025
Reform	(1.79)	(1.88)	(1.80)	(1.83)	(−0.07)
Lnage	0.0097	−0.0164	−0.0204	0.0029	−0.0427
Lnage	(1.31)	(−1.17)	(−0.58)	(0.05)	(−0.91)
Lnsize	−0.0091**	−0.0152**	0.0591***	0.0568*	0.0620***
Lnsize	(−2.47)	(−2.19)	(3.40)	(1.80)	(2.71)
Growth	−0.0013	−0.0146**	−0.0384**	−0.0336	−0.0498
Growth	(−0.32)	(−1.97)	(−2.09)	(−1.42)	(−1.46)
Power	0.0069**	−0.0049	−0.0467***	−0.0456**	−0.0363
Power	(2.21)	(−0.81)	(−3.18)	(−2.31)	(−1.45)
RoA	−0.2761***	0.2582*	0.4192	0.5031	0.4229
RoA	(−3.76)	(1.84)	(1.21)	(0.86)	(0.92)
Lev	−0.1081***	0.0936**	−0.0698	−0.1165	−0.0142
Lev	(−5.19)	(2.37)	(−0.71)	(−0.69)	(−0.11)
Indro.	−0.0870	0.0417	0.0253	0.0503	−0.0921
Indro.	(−1.55)	(0.40)	(0.10)	(0.12)	(−0.26)
Lnboard	0.0007	0.0203	−0.1840**	−0.2128	−0.1815
Lnboard	(0.04)	(0.62)	(−2.23)	(−1.57)	(−1.61)
Ratio	−0.0023***	0.0022	0.0022	0.0028	0.0021
Ratio	(−2.79)	(1.40)	(0.56)	(0.44)	(0.39)
Year	Yes	Yes	Yes	Yes	Yes
Ind	Yes	Yes	Yes	Yes	Yes
Constant	0.3407***	0.4452***	−0.6362	−0.4463	−0.7467
Constant	(3.99)	(2.79)	(−1.58)	(−0.65)	(−1.41)
N	654	654	654	285	369
R²_Adj	0.377	0.122	0.0593	0.0633	0.0549
F	7.936	2.604	2.722	2.343	2.419

Note(s): Column (1) reports measurement results through $A c o s t = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Variables except Acost are as defined in Table 2. Acost is measured as (overhead rates in the year following the acquisition of state ownership). Column (2) reports measurement results through $A B S E M = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε$ ⁠. Variables except ABSEM are as defined in Table 2. Columns (3), (4), (5) report measurement results through $C r e d i t_l o a n = α_{0} + α_{1} R e f o r m + Σ C o n t r o l s + Σ Y e a r + Σ I n d + ε .$ Variables except Credit_loan are as defined in Table 2. Credit_loan is measured as (credit loans/total borrowings). ***, **, and *respectively indicate significance level at 1, 5, and 10%

Source(s): Table by authors

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