Business types of ID-TPA projects
| Panel A: Firms that only disclose one business type | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Business types | No. of firms | number of people out of poverty (mean) | Expenditures (mean) | SOE (mean) | PC (mean) | POVERTY (mean) | DECENTRAL (mean) | ADV (mean) | COVER (mean) | MAND_CSR (mean) | ADJ_ROA (mean) |
| Agriculture and Forestry (AF) | 348 | 557.046 | 1910.482 | 0.503 | 0.135 | 0.537 | 0.358 | 0.077 | 1.506 | 0.296 | 0.003 |
| Income from Assets (IA) | 51 | 3280.333 | 13046.690 | 0.412 | 0.157 | 0.353 | 0.768 | 0.072 | 1.470 | 0.314 | 0.008 |
| Science and Technology (ST) | 16 | 33.813 | 341.856 | 0.438 | 0.188 | 0.250 | 1.055 | 0.044 | 2.247 | 0.188 | 0.016 |
| Tourism (Tour) | 14 | 539.571 | 5458.695 | 0.429 | 0.214 | 0.500 | −0.493 | 0.082 | 2.108 | 0.429 | −0.002 |
| Others | 108 | 603.815 | 6730.317 | 0.352 | 0.102 | 0.454 | 0.475 | 0.057 | 1.309 | 0.213 | 0.004 |
| Total | 537 | 809.043 | 3983.230 | 0.460 | 0.134 | 0.493 | 0.419 | 0.072 | 1.500 | 0.281 | 0.004 |
| Panel A: Firms that only disclose one business type | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Business types | No. of firms | number of people out of poverty (mean) | Expenditures (mean) | SOE (mean) | PC (mean) | POVERTY (mean) | DECENTRAL (mean) | ADV (mean) | COVER (mean) | MAND_CSR (mean) | ADJ_ROA (mean) |
| Agriculture and Forestry ( | 348 | 557.046 | 1910.482 | 0.503 | 0.135 | 0.537 | 0.358 | 0.077 | 1.506 | 0.296 | 0.003 |
| Income from Assets ( | 51 | 3280.333 | 13046.690 | 0.412 | 0.157 | 0.353 | 0.768 | 0.072 | 1.470 | 0.314 | 0.008 |
| Science and Technology ( | 16 | 33.813 | 341.856 | 0.438 | 0.188 | 0.250 | 1.055 | 0.044 | 2.247 | 0.188 | 0.016 |
| Tourism ( | 14 | 539.571 | 5458.695 | 0.429 | 0.214 | 0.500 | −0.493 | 0.082 | 2.108 | 0.429 | −0.002 |
| Others | 108 | 603.815 | 6730.317 | 0.352 | 0.102 | 0.454 | 0.475 | 0.057 | 1.309 | 0.213 | 0.004 |
| Total | 537 | 809.043 | 3983.230 | 0.460 | 0.134 | 0.493 | 0.419 | 0.072 | 1.500 | 0.281 | 0.004 |
| Panel B: ID-TPA efficiency after controlling for business types | ||
|---|---|---|
| Dependent variable: NPOP | ||
| (1) | (2) | |
| logTPA_EXP | 0.3244* | 1.0506*** |
| (1.85) | (4.20) | |
| SOE*logTPA_EXP | −0.9007*** | |
| (−4.80) | ||
| PC*logTPA_EXP | −0.6025** | |
| (−2.42) | ||
| POVERTY*logTPA_EXP | −0.2785 | |
| (−1.50) | ||
| DECENTRAL*logTPA_EXP | 0.1622* | |
| (1.80) | ||
| ADV*logTPA_EXP | −1.7288 | |
| (−1.35) | ||
| COVER*logTPA_EXP | −0.1189 | |
| (−1.27) | ||
| MAND_CSR*logTPA_EXP | 0.6393*** | |
| (3.28) | ||
| ADJ_ROA*logTPA_EXP | 9.6728*** | |
| (4.53) | ||
| AF*logTPA_EXP | 0.2562 | 0.0930 |
| (1.15) | (0.46) | |
| AF | −1.0472 | −0.6126 |
| (−0.88) | (−0.57) | |
| IA*logTPA_EXP | 1.1170*** | 0.4461 |
| (3.69) | (1.59) | |
| IA | −4.4916** | −2.1503 |
| (−2.17) | (−1.16) | |
| ST*logTPA_EXP | −0.8919 | −1.5337** |
| (−1.08) | (−2.04) | |
| ST | 3.3382 | 6.1212* |
| (0.84) | (1.76) | |
| Tour*logTPA_EXP | 0.5459 | 0.9769* |
| (0.90) | (1.80) | |
| Tour | −4.3010 | −4.8115 |
| (−1.06) | (−1.34) | |
| IMR | −2.3625 | 0.3113 |
| (−0.88) | (0.21) | |
| Constant | 3.7584 | −7.2807** |
| (0.65) | (−2.11) | |
| Control variables | Yes | Yes |
| Industry dummies | Yes | Yes |
| Year dummies | Yes | Yes |
| Pseudo R2 | 0.0579 | 0.0890 |
| N | 537 | 537 |
| Panel B: ID-TPA efficiency after controlling for business types | ||
|---|---|---|
| Dependent variable: | ||
| (1) | (2) | |
| 0.3244* | 1.0506*** | |
| (1.85) | (4.20) | |
| −0.9007*** | ||
| (−4.80) | ||
| −0.6025** | ||
| (−2.42) | ||
| −0.2785 | ||
| (−1.50) | ||
| 0.1622* | ||
| (1.80) | ||
| −1.7288 | ||
| (−1.35) | ||
| −0.1189 | ||
| (−1.27) | ||
| 0.6393*** | ||
| (3.28) | ||
| 9.6728*** | ||
| (4.53) | ||
| 0.2562 | 0.0930 | |
| (1.15) | (0.46) | |
| −1.0472 | −0.6126 | |
| (−0.88) | (−0.57) | |
| 1.1170*** | 0.4461 | |
| (3.69) | (1.59) | |
| −4.4916** | −2.1503 | |
| (−2.17) | (−1.16) | |
| −0.8919 | −1.5337** | |
| (−1.08) | (−2.04) | |
| 3.3382 | 6.1212* | |
| (0.84) | (1.76) | |
| 0.5459 | 0.9769* | |
| (0.90) | (1.80) | |
| −4.3010 | −4.8115 | |
| (−1.06) | (−1.34) | |
| −2.3625 | 0.3113 | |
| (−0.88) | (0.21) | |
| 3.7584 | −7.2807** | |
| (0.65) | (−2.11) | |
| Control variables | Yes | Yes |
| Industry dummies | Yes | Yes |
| Year dummies | Yes | Yes |
| Pseudo | 0.0579 | 0.0890 |
| 537 | 537 | |
Note(s): This table reports ID-TPA project efficiencies when we control for the business type of these projects. The sample includes companies that report only one type of ID-TPA projects. Panel A shows the mean values of variables across different business types. Panel B presents the second-stage estimation results of the two-stage Heckman selection model (Eq. (2)) after controlling for the business type of ID-TPA projects. The dependent variable is NPOP, the number of people lifted out of poverty by a company in the current year. Columns (1) and (2) report the results without and with the test variables for hypotheses H1–H4 interacted with logTPA_EXP (the natural log of current year expenditures on ID-TPA projects), respectively. Numbers reported in parentheses are t-statistics. ***/**/*: significant at the 1%/5%/10% level (two-tailed), respectively. Please refer to Appendix 2 and Table 6 Panel A for variable definitions
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