Table 10 Impact mechanism: reducing...

Table 10

Impact mechanism: reducing supply chain concentration

Variables	(1)	(2)	(3)
Variables	lnsupply	performance	performance
dt	−0.363***	0.948***	4.262***
dt	(0.073)	(0.332)	(0.601)
lnsupply		−0.130***	−0.976***
lnsupply		(0.046)	(0.132)
dt✕lnsupply			2.473***
dt✕lnsupply			(0.355)
state	−0.009	0.309***	0.283**
state	(0.021)	(0.116)	(0.115)
lnage	−0.125***	0.977***	0.953***
lnage	(0.010)	(0.047)	(0.047)
lnboard	−0.027	0.547***	0.541***
lnboard	(0.035)	(0.158)	(0.157)
indep	0.022	0.330	0.320
indep	(0.096)	(0.448)	(0.447)
top10	0.028	−2.411***	−2.329***
top10	(0.048)	(0.238)	(0.238)
dual	0.015	0.038	0.038
dual	(0.009)	(0.045)	(0.045)
capital	0.102***	−0.431***	−0.442***
capital	(0.011)	(0.061)	(0.061)
growth	0.022***	0.512***	0.505***
growth	(0.007)	(0.039)	(0.038)
subsidy	−0.565**	−11.372***	−11.119***
subsidy	(0.248)	(1.245)	(1.240)
tax	−0.006	−0.240***	−0.243***
tax	(0.017)	(0.086)	(0.085)
asset	0.000	0.003***	0.003***
asset	(0.000)	(0.001)	(0.001)
Constant	−1.428***	8.427***	7.364***
Constant	(0.120)	(0.587)	(0.612)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.740	0.828	0.829

Variables	(1)	(2)	(3)
Variables	lnsupply	performance	performance
dt	−0.363***	0.948***	4.262***
dt	(0.073)	(0.332)	(0.601)
lnsupply		−0.130***	−0.976***
lnsupply		(0.046)	(0.132)
dt✕lnsupply			2.473***
dt✕lnsupply			(0.355)
state	−0.009	0.309***	0.283**
state	(0.021)	(0.116)	(0.115)
lnage	−0.125***	0.977***	0.953***
lnage	(0.010)	(0.047)	(0.047)
lnboard	−0.027	0.547***	0.541***
lnboard	(0.035)	(0.158)	(0.157)
indep	0.022	0.330	0.320
indep	(0.096)	(0.448)	(0.447)
top10	0.028	−2.411***	−2.329***
top10	(0.048)	(0.238)	(0.238)
dual	0.015	0.038	0.038
dual	(0.009)	(0.045)	(0.045)
capital	0.102***	−0.431***	−0.442***
capital	(0.011)	(0.061)	(0.061)
growth	0.022***	0.512***	0.505***
growth	(0.007)	(0.039)	(0.038)
subsidy	−0.565**	−11.372***	−11.119***
subsidy	(0.248)	(1.245)	(1.240)
tax	−0.006	−0.240***	−0.243***
tax	(0.017)	(0.086)	(0.085)
asset	0.000	0.003***	0.003***
asset	(0.000)	(0.001)	(0.001)
Constant	−1.428***	8.427***	7.364***
Constant	(0.120)	(0.587)	(0.612)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	19,692	19,692	19,692
R-squared	0.740	0.828	0.829

Note(s): This regression controls for year, firm and industry fixed effects, and the standard errors are heteroskedasticity-robust. ***, ** and * refer to statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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