Regional economic incentives and underwriters' market share
| IPO_Rev Market share | IPO_Rev Market share | IPO_Rev Market share | IPO_Rev Market share | |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Regional Economic Incentives | 0.448*** (3.06) | |||
| Central Economic Incentives | −0.445*** (−3.31) | |||
| Local Economic Incentives | 2.120*** (4.94) | |||
| Diff in loc_cen Economic Incentives | 0.846*** (5.13) | |||
| CenGov | −0.877*** (−7.91) | −0.668*** (−7.52) | −1.120*** (−9.06) | −0.781*** (−8.42) |
| lpassrate | 0.004*** (3.62) | 0.004*** (3.58) | 0.004*** (3.43) | 0.004*** (3.45) |
| Rank10 | 3.953*** (33.02) | 3.884*** (34.65) | 3.682*** (29.96) | 3.711*** (33.59) |
| FirmAge | −0.003 (−0.13) | −0.002 (−0.08) | 0.002 (0.09) | 0.000 (0.01) |
| SIZE | 0.564*** (2.98) | 0.566** (2.90) | 0.567** (2.92) | 0.567** (2.85) |
| CR | −0.017 (−0.30) | −0.011 (−0.21) | −0.009 (−0.19) | −0.007 (−0.13) |
| INV | 0.200 (0.24) | 0.317 (0.39) | 0.200 (0.24) | 0.329 (0.40) |
| OCF | −1.651 (−0.92) | −1.255 (−0.75) | −1.219 (−0.71) | −0.952 (−0.58) |
| ROE | 2.316** (2.17) | 2.140* (2.07) | 2.092* (2.07) | 1.998* (2.01) |
| EarnMgmt | −4.016 (−1.51) | −3.431 (−1.13) | −2.359 (−0.72) | −2.699 (−0.75) |
| LEV | −2.500** (−2.30) | −2.385** (−2.13) | −2.252* (−2.06) | −2.218* (−1.97) |
| SOE | 0.093 (0.60) | 0.040 (0.24) | −0.004 (−0.03) | −0.023 (−0.14) |
| FirBgd | 0.117 (0.68) | 0.133 (0.79) | 0.099 (0.64) | 0.127 (0.80) |
| Year F.E | Y | Y | Y | Y |
| Industry F.E | Y | Y | Y | Y |
| Adjust R2 | 0.3367 | 0.3362 | 0.3613 | 0.3491 |
| N | 1,596 | 1,596 | 1,596 | 1,596 |
| IPO_Rev | IPO_Rev | IPO_Rev | IPO_Rev | |
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Regional Economic Incentives | 0.448*** (3.06) | |||
| Central Economic Incentives | −0.445*** (−3.31) | |||
| Local Economic Incentives | 2.120*** (4.94) | |||
| Diff in loc_cen Economic Incentives | 0.846*** (5.13) | |||
| CenGov | −0.877*** (−7.91) | −0.668*** (−7.52) | −1.120*** (−9.06) | −0.781*** (−8.42) |
| lpassrate | 0.004*** (3.62) | 0.004*** (3.58) | 0.004*** (3.43) | 0.004*** (3.45) |
| Rank10 | 3.953*** (33.02) | 3.884*** (34.65) | 3.682*** (29.96) | 3.711*** (33.59) |
| FirmAge | −0.003 (−0.13) | −0.002 (−0.08) | 0.002 (0.09) | 0.000 (0.01) |
| SIZE | 0.564*** (2.98) | 0.566** (2.90) | 0.567** (2.92) | 0.567** (2.85) |
| CR | −0.017 (−0.30) | −0.011 (−0.21) | −0.009 (−0.19) | −0.007 (−0.13) |
| INV | 0.200 (0.24) | 0.317 (0.39) | 0.200 (0.24) | 0.329 (0.40) |
| OCF | −1.651 (−0.92) | −1.255 (−0.75) | −1.219 (−0.71) | −0.952 (−0.58) |
| ROE | 2.316** (2.17) | 2.140* (2.07) | 2.092* (2.07) | 1.998* (2.01) |
| EarnMgmt | −4.016 (−1.51) | −3.431 (−1.13) | −2.359 (−0.72) | −2.699 (−0.75) |
| LEV | −2.500** (−2.30) | −2.385** (−2.13) | −2.252* (−2.06) | −2.218* (−1.97) |
| SOE | 0.093 (0.60) | 0.040 (0.24) | −0.004 (−0.03) | −0.023 (−0.14) |
| FirBgd | 0.117 (0.68) | 0.133 (0.79) | 0.099 (0.64) | 0.127 (0.80) |
| Year F.E | Y | Y | Y | Y |
| Industry F.E | Y | Y | Y | Y |
| Adjust | 0.3367 | 0.3362 | 0.3613 | 0.3491 |
| 1,596 | 1,596 | 1,596 | 1,596 |
Note(s): See Table 1 for the variable definitions. The intercept is included but not tabulated. T-statistics are in brackets. Standard errors are clustered at the industry level. *, ** and *** indicate significance at the 10, 5 and 1% levels, respectively
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