Table 7 Effects of mixed syndication and...

Table 7

Effects of mixed syndication and PVC investment on the sales and profit of their investees

	Sales						Profit and loss
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	−0.028	1.142	0.02	–	–	–	−4.789	3.498	1.37	–	–	–
PVC (t−1)	–	–	–	1.122	0.683	1.64*	–	–	–	−0.893	2.232	0.40
ln_age (t−1)	−0.320	0.007	43.48***	−0.320	0.007	43.49***	0.536	0.025	21.50***	0.536	0.025	21.49***
ln_asset (t−1)	0.665	0.004	169.94***	0.664	0.004	169.94***	−0.863	0.013	65.50***	−0.863	0.013	65.51***
ln_real GDP growth rate (t−1)	0.009	0.002	4.18***	0.008	0.002	4.18***	0.250	0.007	36.73***	0.250	0.007	36.74***
ln_total domestic PE investment (t−2)	−0.016	0.006	25.77***	−0.015	0.006	25.77***	−0.115	0.002	55.40***	−0.115	0.002	55.40***
Constant	2.867	0.042	67.83***	2.868	0.042	67.84***	12.769	0.144	88.37***	12.770	0.145	88.38***
North dummy and industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	612,468			612,468			588,913			588,913
F-test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

	Sales						Profit and loss
	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t	Coeff	SE	t
Mixed syndication (t−1)	−0.028	1.142	0.02	–	–	–	−4.789	3.498	1.37	–	–	–
PVC (t−1)	–	–	–	1.122	0.683	1.64*	–	–	–	−0.893	2.232	0.40
ln_age (t−1)	−0.320	0.007	43.48***	−0.320	0.007	43.49***	0.536	0.025	21.50***	0.536	0.025	21.49***
ln_asset (t−1)	0.665	0.004	169.94***	0.664	0.004	169.94***	−0.863	0.013	65.50***	−0.863	0.013	65.51***
ln_real GDP growth rate (t−1)	0.009	0.002	4.18***	0.008	0.002	4.18***	0.250	0.007	36.73***	0.250	0.007	36.74***
ln_total domestic PE investment (t−2)	−0.016	0.006	25.77***	−0.015	0.006	25.77***	−0.115	0.002	55.40***	−0.115	0.002	55.40***
Constant	2.867	0.042	67.83***	2.868	0.042	67.84***	12.769	0.144	88.37***	12.770	0.145	88.38***
North dummy and industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of observations	612,468			612,468			588,913			588,913
F-test (p-value)	0.00			0.00			0.00			0.00
Houseman test (p-value)	0.00			0.00			0.00			0.00

Note(s): 1: ***p < 0.01, **p < 0.05, *p < 0.1

Fixed effects models were selected using the F-test and Hausmann test

Independent variables lagged by one or two years in consideration of simultaneity

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