Financial repression | 1.089 (0.75) | 1.290 (3.56) | 0.138 (0.10) | 1.331 (3.66) | 2.040 (0.89) | 1.438 (3.51) |
Enterprise size | 0.144 (0.13) | −0.103 (−0.39) | 0.181 (0.15) | −0.103 (−0.39) | 0.122 (0.17) | −0.045 (−0.19) |
Enterprise growth rate | 6.351 (2.06) | 2.551 (2.81) | 8.428 (2.29) | 2.496 (2.78) | −1.781 (−0.48) | 3.202 (3.66) |
Natural logarithm of business age | 0.441 (0.39) | −0.445 (−2.54) | 0.098 (0.06) | −0.437 (−2.56) | 0.938 (0.99) | −0.454 (−2.62) |
Average years of education of employees | −0.747 (−0.96) | −0.650 (−4.24) | −0.643 (−0.81) | −0.651 (−4.27) | −1.149 (−1.58) | −0.674 (−4.91) |
Constant term | 5.055 (0.05) | 47.791 (4.73) | 34.407 (0.40) | 47.177 (4.46) | 86.840 (1.08) | 39.579 (3.20) |
N | 124 | 1443 | 111 | 1451 | 74 | 1493 |
Adjusted R2 | 0.126 | 0.051 | 0.164 | 0.051 | 0.228 | 0.050 |
Financial repression | 1.591 (1.03) | 0.926 (1.44) | 1.509 (3.67) | 0.576 (1.68) | 0.227 (1.02) | 0.160 (1.15) |
Percentage of foreign private, private and institutional shareholding | −0.047 (−1.97) | 0.022 (0.83) | 0.015 (0.60) | −0.001 (−0.12) | −0.006 (−1.86) | 0.005 (0.73) |
The proportion of government shares | −0.029 (−4.86) | −0.022 (−4.37) | −0.027 (−3.45) | −0.010 (−1.48) | −0.007 (−2.87) | −0.004 (−1.97) |
Enterprise size | −0.072 (−0.10) | 0.021 (0.08) | −0.063 (−0.16) | 0.042 (0.06) | −0.080 (−1.02) | −0.058 (−0.78) |
Enterprise growth rate | 4.302 (1.65) | 2.246 (1.58) | 1.836 (1.23) | 0.828 (0.74) | 0.514 (0.92) | 0.521 (1.51) |
Natural logarithm of business age | −0.268 (−0.85) | −0.643 (−2.67) | 0.092 (0.65) | −0.031 (−0.27) | −0.218 (−2.12) | −0.099 (−1.26) |
Average years of education of employees | −0.116 (−0.31) | −0.148 (−0.60) | −0.924 (−5.04) | −0.248 (−0.89) | −0.261 (−2.02) | −0.181 (−2.03) |
Constant term | 84.816 (2.16) | 41.169 (2.21) | 13.055 (0.53) | 7.382 (0.34) | 19.201 (1.75) | 11.921 (2.64) |
N | 207 | 642 | 718 | 207 | 639 | 717 |
R2 | 0.097 | 0.065 | 0.051 | 0.055 | 0.056 | 0.034 |