Centralization and Firm Performance: New Evidence on the Role of Firm Size

Table 3

Specification test results.

Model	(1) ROE		(2) ROA1		(3) ROA2
	_stat	Prob	_stat	Prob	_stat	Prob
Single threshold	53.50	0.001	64.19	0.001	67.19	0.001	300
Double threshold	15.47	0.090	31.82	0.012	24.28	0.035	300
Triple threshold	31.82	0.217	19.97	0.292	22.83	0.261	300

Standard errors in parentheses. , , and .