Robustness test results
| (1) | (2) | (3) | |
|---|---|---|---|
| Hdp | Hdp | Hdp | |
| RDIPR | 0.040** (0.019) | ||
| HCT | 0.705*** (0.175) | ||
| RDDN | 0.188** (0.092) | ||
| SIZE | 1.489*** (0.249) | 1.548*** (0.243) | 1.373*** (0.232) |
| LA | −0.425* (0.234) | −0.421* (0.233) | −0.311 (0.222) |
| ROE | 2.041 (1.560) | 1.645 (1.552) | 3.249** (1.513) |
| TOP1 | −0.253 (1.345) | 0.181 (1.336) | −0.216 (1.251) |
| SOE | 0.616 (0.688) | 0.476 (0.680) | 0.328 (0.644) |
| LEV | 2.980*** (1.110) | 3.289*** (1.102) | 2.749*** (1.043) |
| _cons | 14.477*** (1.600) | 14.021*** (1.571) | 15.124*** (1.506) |
| Observations | 1065 | 1073 | 1048 |
| (1) | (2) | (3) | |
|---|---|---|---|
| Hdp | Hdp | Hdp | |
| RDIPR | 0.040 | ||
| HCT | 0.705 | ||
| RDDN | 0.188 | ||
| SIZE | 1.489 | 1.548 | 1.373 |
| LA | −0.425 | −0.421 | −0.311 (0.222) |
| ROE | 2.041 (1.560) | 1.645 (1.552) | 3.249 |
| TOP1 | −0.253 (1.345) | 0.181 (1.336) | −0.216 (1.251) |
| SOE | 0.616 (0.688) | 0.476 (0.680) | 0.328 (0.644) |
| LEV | 2.980 | 3.289 | 2.749 |
| _cons | 14.477 | 14.021 | 15.124 |
| Observations | 1065 | 1073 | 1048 |
Notes:
*Indicates p < 0.1; **indicates p< 0.05; ***indicates p < 0.01
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