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

Table 8

Regression results by property rights.

Variables	(1) ROE	(2) ROA1	(3) ROA2	(4) ROE	(5) ROA1	(6) ROA2
Cen ()	5.938 (0.90)	5.567 (0.58)	-4.969 (-1.19)	46.117 (4.44)	60.429 (2.73)	56.984 (2.58)
Cen ()	-40.797 (-1.11)	-13.035 (-2.35)	-3.321 (-1.50)	7.221 (3.40)	16.945 (3.78)	15.222 (3.48)
Cen ()	-1.436 (-0.52)	-0.110 (-0.13)	0.301 (0.38)	-4.951 (-1.63)	1.067 (0.94)	1.268 (1.24)
Constant	11.962 (3.78)	8.580 (7.13)	6.669 (6.02)	24.199 (14.68)	12.077 (5.62)	9.532 (4.52)
Threshold							20.389	20.283	21.1364	19.350	18.656	18.656
	20.201	19.911	20.283	22.091	19.677	19.677
Control variable	Yes	Yes	Yes	Yes	Yes	Yes
	7670	7670	7670	10,820	10,820	10,820
	0.019	0.057	0.059	0.115	0.100	0.096
	27.61	5007	7063	69.60	73.52	73.24

Standard errors in parentheses.  <0.10, , and .