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

Table 4

Estimated threshold and confidence intervals.

Estimator	(1) ROE		(2) ROA1		(3) ROA2
	Thre	95% Conf.	Thre	95% Conf.	Thre	95% Conf.
Th-1	19.638	[19.460, 19.798]	19.460	[19.241, 19.638]	19.638	[19.350, 19.798]
Th-2	22.082	[21.974, 22.161]	22.082	[21.938, 22.119]	22.082	[21.938, 22.119]