Research Article
Centralization and Firm Performance: New Evidence on the Role of Firm Size
Table 9
Regression results by industry.
| | Variables | Cen () | Cen () | Cen () | Threshold | CV | Obs. | |
| | ROA1 | I-A | 17.65 (13.44) | 182.2 (204.9) | 7.530 (14.80) | 20.533
20.652 | Yes | 290 | 0.093 | | I-B | 158.8 (123.0) | 6.180 (12.52) | -14.83 (11.83) | 19.502
22.225 | Yes | 540 | 0.186 | | I-C | 33.56 (6.551) | 6.913 (2.470) | -0.530 (2.719) | 19.904
22.012 | Yes | 11780 | 0.052 | | I-D | -9.736 (9.214) | 18.73 (23.74) | 2.569 (8.085) | 23.557
23.882 | Yes | 760 | 0.037 | | I-E | -0.537 (14.19) | 93.30 (61.13) | -4.210 (4.093) | 21.191
21.086 | Yes | 560 | 0.250 | | I-F | 7.158 (5.511) | 24.27 (6.681) | 68.70 (32.74) | 22.850
24.236 | Yes | 1180 | 0.078 | | I-G | 1.901 (4.803) | -6.670 (5.354) | 8.910 (4.924) | 22.330
23.183 | Yes | 710 | 0.136 | | I-I | 61.24 (29.25) | 11.40 (5.805) | -5.759 (5.106) | 18.770
20.595 | Yes | 1390 | 0.267 | | I-L | -1.562 (13.65) | -111.9 (13.89) | -27.34 (28.31) | 22.816
22.896 | Yes | 280 | 0.281 | | I-N | 28.27 (55.33) | 6.812 (9.901) | -4.931 (6.153) | 19.658
21.766 | Yes | 270 | 0.114 | | I-R | 11.72 (13.35) | 105.8 (10.72) | -15.33 (10.36) | 18.794
19.610 | Yes | 250 | 0.211 |
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Standard errors in parentheses. , , and . |
