Table 6 Regression Results of Heckman Two-stage Sample Selection Method

Returnee (0/1) _i,t

1.709^**

0.078^**

(2.10)

(2.39)

Returnee number _i,t

1.318^***

0.058^***

(2.71)

(2.84)

State control (0/1) _i,t

−1.900

−1.888

−0.070

−0.070

(−1.43)

(−1.42)

(−1.46)

(−1.44)

Board Independence _i,t

10.102^*

10.288^*

0.339

0.348

(1.74)

(1.77)

(1.48)

(1.52)

Power balance _i,t

−0.046

−0.046

−0.002^*

−0.002^*

(−1.21)

(−1.21)

(−1.75)

(−1.75)

Duality (0/1) _i,t

−0.609

−0.606

−0.021

−0.021

(−1.07)

(−1.06)

(−0.96)

(−0.95)

Managerial ownership _i,t

2.983^*

3.062^*

0.040

0.043

(1.70)

(1.74)

(0.59)

(0.64)

Institutional ownership _i,t

12.859^***

12.902^***

0.466^***

0.468^***

(8.95)

(9.00)

(8.26)

(8.32)

Firm age _i,t

0.083

0.080

0.003

0.003

(1.42)

(1.36)

(1.44)

(1.38)

Size _i,t

5.998^***

5.952^***

0.189^***

0.187^***

(21.70)

(21.41)

(17.62)

(17.36)

ROA _i,t

75.635^***

75.679^***

1.539^***

1.540^***

(19.15)

(19.16)

(10.87)

(10.89)

Leverage _i,t

−4.934^***

−4.905^***

−0.087^*

−0.086^*

(−3.92)

(−3.90)

(−1.91)

(−1.88)

Inverse Mills Ratio

9.872^***

9.742^***

0.451^***

0.447^***

(4.51)

(4.37)

(4.95)

(4.81)

Intercept

−117.146^***

−116.201^***

−2.312^***

−2.270^***

(−18.03)

(−17.80)

(−9.08)

(−8.89)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Observations

9519

9519

9519

9519

Adjusted R-squared

0.34

0.34

0.23

0.23