Research Article
Centralization and Firm Performance: New Evidence on the Role of Firm Size
Table 5
Panel threshold model regression results.
| | Variables | (1) ROE | (2) ROA1 | (3) ROA2 |
| | Age | -1.078 (0.069) | -0.603 (0.027) | -0.504 (0.024) | | Growth | 0.002 (0.001) | 0.001 (0.001) | 0.001 (0.001) | | Lev | -0.035 (0.015) | -0.027 (0.006) | -0.037 (0.005) | | Cash | 4.815 (1.386) | 4.384 (0.725) | 5.546 (0.628) | | CRa | 1.160 (1.423) | 1.453 (0.586) | 1.277 (0.517) | | Pnpf | 0.001 (0.001) | -0.001 (0.001) | -0.001 (0.001) | | FirstShr | 0.189 (0.526) | 0.237 (0.513) | 0.251 (0.548) | | Cen () | 36.923 (7.525) | 24.077 (4.565) | 18.352 (3.149) | | Cen () | 5.422 (1.884) | 3.048 (0.857) | 2.703 (0.787) | | Cen () | -1.696 (2.017) | -1.152 (0.928) | -1.006 (0.819) | | _cons | 18.832 (1.583) | 11.989 (0.673) | 9.556 (0.594) | | 18490 | 18490 | 18490 | | 0.045 | 0.119 | 0.124 | | 0.044 | 0.119 | 0.123 |
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Standard errors in parentheses. , , and . |
