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

Table 7

Panel threshold model regression results.

Variables	(1) ROA1	(2) ROA1	(3) ROA1
Cen1 ()	22.030 (3.30)
Cen1 ()		1.593 (1.58)
Cen1 ()	-0.869 (-0.94)
Cen2 ()			26.031 (4.38)
Cen2 ()		3.581 (3.81)
Cen2 ()			-0.726 (-0.75)
Cen3 ()				7.732 (5.92)
Cen3 ()			0.749 (0.68)
Cen3 ()				-1.081 (-2.09)
Constant	10.624 (14.96)	11.642 (16.67)	10.630 (11.88)
Threshold				19.3484	19.8792	19.3313
	21.9209	20.1544	22.0892
Control variable	Yes	Yes	Yes
Observations	18,490	17,540	18,490
-squared	0.093	0.124	0.109
	61.93	86.44	64.26

Standard errors in parentheses. , , and .