| 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*** | 0.193*** | 0.124*** | 0.125*** | 0.199*** | 0.126*** |
| (11.12) | (10.80) | (8.16) | (10.92) | (10.94) | (8.03) |
Central | −0.245*** | −0.273*** | −0.253*** | −0.247*** | −0.279*** | −0.262*** |
| (−17.45) | (−14.24) | (−11.74) | (−17.03) | (−14.02) | (−11.82) |
West | −0.212*** | −0.277*** | −0.158*** | −0.200*** | −0.277*** | −0.140*** |
| (−14.39) | (−14.23) | (−6.67) | (−13.06) | (−13.55) | (−5.75) |
Lshare | −0.00492*** | −0.00673*** | −0.00361*** | −0.00504*** | −0.00679*** | −0.00385*** |
| (−13.82) | (−13.54) | (−7.06) | (−13.70) | (−13.12) | (−7.30) |
Duality | 0.0706*** | 0.0711*** | 0.105*** | 0.0739*** | 0.0961*** | 0.106*** |
| (5.63) | (2.68) | (6.97) | (5.72) | (3.53) | (6.86) |
Indd | −0.175* | −0.252* | 0.157 | −0.243** | −0.304** | 0.0866 |
| (−1.84) | (−1.95) | (1.16) | (−2.51) | (−2.30) | (0.63) |
Leverage | 0.0645 | −0.0774 | 0.259* | 0.00931 | −0.181** | 0.288** |
| (1.05) | (−1.16) | (1.85) | (0.14) | (−2.57) | (1.97) |
LnSize | 0.109*** | 0.0779*** | 0.119*** | 0.107*** | 0.0753*** | 0.112*** |
| (18.86) | (9.51) | (12.98) | (17.84) | (9.13) | (11.48) |
LnNI | 0.157*** | 0.158*** | 0.163*** |
|
|
|
| (30.37) | (22.04) | (21.00) |
|
|
|
FE*lnNI | 0.00114 | −0.0345*** | 0.0306*** |
|
|
|
| (0.15) | (−3.48) | (2.63) |
|
|
|
LnOP |
|
|
| 0.150*** | 0.150*** | 0.155*** |
|
|
|
| (28.22) | (21.20) | (18.81) |
FE*lnOP |
|
|
| 0.00219 | −0.0332*** | 0.0286** |
|
|
|
| (0.30) | (−3.34) | (2.40) |
_cons | 8.857*** | 9.633*** | 8.301*** | 9.059*** | 9.848*** | 8.604*** |
| (97.10) | (81.64) | (54.75) | (95.66) | (79.73) | (54.06) |
N | 12480 | 5814 | 6666 | 11605 | 5298 | 6307 |
Adjusted R2 | 0.382 | 0.426 | 0.342 | 0.367 | 0.413 | 0.324 |