Research Article
Centralization and Firm Performance: New Evidence on the Role of Firm Size
Table 6
Dynamic panel robustness test results.
| | Variables | (4) ROE | (5) ROA1 | (6) ROA2 |
| | hROE | -1.783 (10.601) | | | | | | | hROA1 | | -0.008 (0.587) | | | | | | hROA2 | | | 0.005 (0.529) | | | | | Cen | 11.987 (9.819) | 1.607 (0.669) | 1.751 (0.609) | | | Size | -92.890 (21.289) | -39.554 (4.038) | -32.802 (3.636) | | | Size2 | 2.171 (0.527) | 0.889 (0.092) | 0.736 (0.082) | | | _cons | 1000.753 (216.534) | 448.542 (44.326) | 372.101 (39.898) | | | Control variable | Yes | Yes | Yes | | Firm | Yes | Yes | Yes | | Year | Yes | Yes | Yes | | 18,490 | 18,490 | 18,490 | | 0.0043 | 0.151 | 0.135 |
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Standard errors in parentheses. , , and . |
