Benchmark regression results
| Variables | Model1 | Model2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| Hdp | Hdp | Hdp | Hdp | Hdp | Hdp | |
| HCT | 0.664*** (0.176) | 0.613*** (0.177) | ||||
| RDDN | 0.188** (0.092) | 0.213** (0.092) | ||||
| RDIPR | 0.039** (0.019) | 0.037** (0.019) | ||||
| DT | 0.406*** (0.144) | 0.307** (0.139) | 0.356** (0.181) | |||
| DT*HCT | 0.613*** (0.177) | |||||
| DT*RDDN | 0.217** (0.088) | |||||
| DT*RDIPR | 0.016 (0.017) | |||||
| LA | −0.401* (0.235) | −0.394* (0.234) | −0.291 (0.222) | −0.382 (0.233) | −0.275 (0.222) | −0.409* (0.234) |
| ROE | 1.322 (1.543) | 0.859 (1.538) | 2.625* (1.502) | 0.910 (1.532) | 2.595* (1.495) | 1.266 (1.540) |
| TOP1 | −0.438 (1.350) | −0.051 (1.347) | −0.401 (1.260) | −0.073 (1.350) | −0.410 (1.260) | −0.337 (1.348) |
| SOE | 0.704 (0.690) | 0.590 (0.685) | 0.419 (0.648) | 0.721 (0.686) | 0.479 (0.646) | 0.799 (0.689) |
| SIZE | 1.735*** (0.232) | 1.814*** (0.227) | 1.591*** (0.217) | 1.716*** (0.229) | 1.513*** (0.218) | 1.629*** (0.233) |
| Constant | 13.648*** (1.576) | 13.153*** (1.553) | 14.434*** (1.489) | 15.056*** (1.499) | 13.923*** (1.570) | 14.498*** (1.590) |
| Observations | 1063 | 1065 | 1048 | 1048 | 1065 | 1063 |
| No. of id | 316 | 316 | 314 | 316 | 314 | 316 |
| Variables | Model1 | Model2 | Model 3 | Model 4 | Model 5 | Model 6 |
|---|---|---|---|---|---|---|
| Hdp | Hdp | Hdp | Hdp | Hdp | Hdp | |
| HCT | 0.664 | 0.613 | ||||
| RDDN | 0.188 | 0.213 | ||||
| RDIPR | 0.039 | 0.037 | ||||
| DT | 0.406 | 0.307 | 0.356 | |||
| DT | 0.613 | |||||
| DT | 0.217 | |||||
| DT | 0.016 (0.017) | |||||
| LA | −0.401 | −0.394 | −0.291 (0.222) | −0.382 (0.233) | −0.275 (0.222) | −0.409 |
| ROE | 1.322 (1.543) | 0.859 (1.538) | 2.625 | 0.910 (1.532) | 2.595 | 1.266 (1.540) |
| TOP1 | −0.438 (1.350) | −0.051 (1.347) | −0.401 (1.260) | −0.073 (1.350) | −0.410 (1.260) | −0.337 (1.348) |
| SOE | 0.704 (0.690) | 0.590 (0.685) | 0.419 (0.648) | 0.721 (0.686) | 0.479 (0.646) | 0.799 (0.689) |
| SIZE | 1.735 | 1.814 | 1.591 | 1.716 | 1.513 | 1.629 |
| Constant | 13.648 | 13.153 | 14.434 | 15.056 | 13.923 | 14.498 |
| Observations | 1063 | 1065 | 1048 | 1048 | 1065 | 1063 |
| No. of id | 316 | 316 | 314 | 316 | 314 | 316 |
Notes:
*Indicates p < 0.1; **indicates p< 0.05; and ***indicates p < 0.01
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