Table 3

Largest share

(1)(2)(3)(4)(5)(6)(7)
VariablesModel 1Model 2Model 3Model 4Marginal effects 4Model 5Marginal effects 5
Reputation0.292**  0.318***0.281**0.319***0.281**
(0.123)  (0.119)(0.119)(0.118)(0.190)
Price−0.0787***  −0.0555**−0.0432**−0.0555**−0.0434
(0.0257)  (0.0252)(0.021)(0.0252)(0.021)
Location0.0281*  0.0261*0.0235*0.0260*0.0238*
(0.0168)  (0.0144)(0.012)(0.015)(0.013)
CFOBoard 0.0378 0.03970.03480.04030.0338
 (0.0325) (0.0313)(0.027)(0.0324)0.028()
Offer Info  −0.143***−0.130***−0.114***−0.130***−0.1142***
  (0.0387)(0.0385)(0.033)(0.0385)(0.033)
Recommend info  −0.135***−0.113***−0.111***−0.113***−0.1111***
  (0.0375)(0.0374)(0.032)(0.0375)(0.032)
Lending−0.108**−0.163***−0.139***−0.0935**−0.074**−0.0938**−0.0728**
(0.0432)(0.0395)(0.0378)(0.0416)(0.035)(0.0418)(0.036)
Asset mgt0.274***0.287***0.294***0.296***0.277***0.296***0.1775***
(0.0935)(0.0954)(0.0906)(0.0892)(0.078)(0.0893)(0.078)
C Finance−0.132***−0.152***−0.116***−0.111***−0.094***−0.111***−0.0936***
(0.0318)(0.0323)(0.0316)(0.0312)(0.027)(0.0313)(0.027)
Ownership     −0.002000.0023
     (0.0316)(0.014)
Log Bank Branches−0.0290*−0.0343*−0.0281*−0.0299*−0.028*−0.0299*−0.028*
(0.0174)(0.0179)(0.0169)(0.0168)(0.014)(0.0168)(0.014)
Constant0.711***0.697***0.847***0.773*** 0.776*** 
(0.183)(0.157)(0.153)(0.178) (0.188) 
Observations200200200200 200 

Note(s): The Tobit estimation results with dependent variable “Largest Shares” are presented for five different models in the table. The first row of every explanatory variable presents estimation. The standard errors of the estimation are given in brackets with adjacent stars indicating significance level. The marginal effects for model 4 & 5 “Largest Shares” are given in column 5 and 7. Table 1 defines every variable

*** significant at 1%, ** significant at 5%, * significant at 10%

Source(s): Authors' own work

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