| Net Income | Operating Profit | ||||
2-46-8 | (1) | (2) | (3) | (4) | (5) | (6) |
2-8 | Full Sample | State | Private | Full Sample | State | Private |
FE | 0.124*** | 0.169*** | 0.116*** | 0.125*** | 0.175*** | 0.117*** |
| (11.11) | (10.07) | (7.90) | (10.91) | (10.11) | (7.76) |
Central | −0.245*** | −0.269*** | −0.252*** | −0.248*** | −0.275*** | −0.260*** |
| (−17.45) | (−14.06) | (−11.71) | (−17.03) | (−13.87) | (−11.79) |
West | −0.212*** | −0.278*** | −0.158*** | −0.200*** | −0.280*** | −0.140*** |
| (−14.39) | (−14.25) | (−6.70) | (−13.06) | (−13.68) | (−5.79) |
Lshare | −0.00492*** | −0.00669*** | −0.00360*** | −0.00504*** | −0.00677*** | −0.00382*** |
| (−13.83) | (−13.48) | (−7.02) | (−13.70) | (−13.09) | (−7.24) |
Duality | 0.0706*** | 0.0688*** | 0.104*** | 0.0739*** | 0.0941*** | 0.105*** |
| (5.62) | (2.59) | (6.94) | (5.72) | (3.45) | (6.83) |
Indd | −0.175* | −0.259** | 0.161 | −0.243** | −0.317** | 0.0934 |
| (−1.84) | (−2.00) | (1.19) | (−2.50) | (−2.38) | (0.68) |
Leverage | 0.0645 | −0.0802 | 0.254* | 0.00911 | −0.182** | 0.281* |
| (1.05) | (−1.20) | (1.80) | (0.14) | (−2.57) | (1.91) |
LnSize | 0.109*** | 0.0744*** | 0.120*** | 0.107*** | 0.0721*** | 0.113*** |
| (18.92) | (9.08) | (13.08) | (17.86) | (8.70) | (11.57) |
LnNI | 0.157*** | 0.161*** | 0.164*** |
|
|
|
| (30.43) | (22.69) | (21.12) |
|
|
|
LnOP |
|
|
| 0.150*** | 0.153*** | 0.156*** |
|
|
|
| (28.23) | (21.62) | (19.03) |
_cons | 8.856*** | 9.643*** | 8.267*** | 9.056*** | 9.871*** | 8.563*** |
| (96.81) | (80.97) | (54.52) | (95.34) | (79.25) | (53.95) |
N | 12480 | 5814 | 6666 | 11605 | 5298 | 6307 |
Adjusted R2 | 0.38 | 0.42 | 0.34 | 0.37 | 0.41 | 0.32 |