Regression results of life cycle of industry and corporate executive's characteristics
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Age | Educational level | Political capital | Peripheral-function | Throughput-function | Output-function | |
| Constant | 30.871*** (9.40) | 3.485*** (7.73) | −1.557 (1.212) | −4.231*** (1.278) | −4.702*** (1.11) | 3.744*** (1.12) |
| Life cycle of industry | −1.045*** (−2.94) | −0.186*** (−3.80) | 0.310* (0.132) | 0.291** (0.136) | −0.267** (0.118) | 0.314*** (0.121) |
| Labor-intensive industry | 2.332*** (5.84) | −0.746*** (−13.59) | 0.210 (0.142) | 0.681*** (0.147) | 0.883*** (0.135) | −0.881*** (0.138) |
| Technology-intensive industry | 1.907*** (3.35) | −0.256*** (−3.27) | −1.210*** (0.296) | 2.590*** (0.221) | −0.568*** (0.206) | −1.942*** (0.257) |
| Ownership | −0.534* (−1.67) | −0.338*** (−7.64) | 0.138 (0.118) | −0.005 (0.121) | 0.308*** (0.108) | −0.151* (0.109) |
| Firm size | 0.700*** (4.91) | 0.012 (0.61) | 0.016 (0.053) | 0.127** (0.055) | 0.200*** (0.048) | −0.176*** (0.049) |
| Adjusted R2 | 0.051 | 0.149 | – | – | – | – |
| Pseudo R2 | – | – | 0.035 | 0.149 | 0.086 | 0.110 |
| F | 18.217 (0.000) | 56.571 (0.000) | – | – | – | – |
| Chi-square value | – | – | 38.926 (0.000) | 176.270 (0.000) | 105.900 (0.000) | 135.897 (0.000) |
| Sample size | 1,590 | 1,590 | 1,590 | 1,590 | 1,590 | 1,590 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Age | Educational level | Political capital | Peripheral-function | Throughput-function | Output-function | |
| Constant | 30.871*** (9.40) | 3.485*** (7.73) | −1.557 (1.212) | −4.231*** (1.278) | −4.702*** (1.11) | 3.744*** (1.12) |
| Life cycle of industry | −1.045*** (−2.94) | −0.186*** (−3.80) | 0.310* (0.132) | 0.291** (0.136) | −0.267** (0.118) | 0.314*** (0.121) |
| Labor-intensive industry | 2.332*** (5.84) | −0.746*** (−13.59) | 0.210 (0.142) | 0.681*** (0.147) | 0.883*** (0.135) | −0.881*** (0.138) |
| Technology-intensive industry | 1.907*** (3.35) | −0.256*** (−3.27) | −1.210*** (0.296) | 2.590*** (0.221) | −0.568*** (0.206) | −1.942*** (0.257) |
| Ownership | −0.534* (−1.67) | −0.338*** (−7.64) | 0.138 (0.118) | −0.005 (0.121) | 0.308*** (0.108) | −0.151* (0.109) |
| Firm size | 0.700*** (4.91) | 0.012 (0.61) | 0.016 (0.053) | 0.127** (0.055) | 0.200*** (0.048) | −0.176*** (0.049) |
| Adjusted | 0.051 | 0.149 | – | – | – | – |
| Pseudo | – | – | 0.035 | 0.149 | 0.086 | 0.110 |
| 18.217 (0.000) | 56.571 (0.000) | – | – | – | – | |
| Chi-square value | – | – | 38.926 (0.000) | 176.270 (0.000) | 105.900 (0.000) | 135.897 (0.000) |
| Sample size | 1,590 | 1,590 | 1,590 | 1,590 | 1,590 | 1,590 |
Note(s): *p < 0.1, **p < 0.05, ***p < 0.01. Values in square brackets under the coefficients of columns (1) and (2): T value; Values in brackets under the coefficients of columns (3) through (6): standard errors
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