Table VI State control firm performance...

Table VI

State control firm performance

	(1)			(2)			(3)			(4)			(5)
	Panel A: valuation
	Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q
State control	−0.348**			−1.669**
	(0.169)			(0.654)
State control²				1.665**
				(0.741)
Majority							−0.226*
							(0.123)
Minority							−1.159**
							(0.544)
Federal ownership										−0.327**
										(0.126)
Regional ownership										−0.938**
										(0.420)
Mixed ownership										0.124
										(0.141)
Direct ownership													−0.409**
													(0.167)
Indirect ownership													−0.273**
													(0.133)
Golden shares	0.788			0.923*			1.449**			1.199**			0.949*
	(0.517)			(0.517)			(0.641)			(0.552)			(0.504)
LnSales	0.00884			0.0183			0.00459			−0.00687			0.0252
	(0.0477)			(0.0493)			(0.0464)			(0.0499)			(0.0492)
Sales growth	0.00919***			0.00890***			0.00746***			0.00817***			0.00925***
	(0.00313)			(0.00288)			(0.00229)			(0.00237)			(0.00299)
Leverage	−0.00521*			−0.00511*			−0.00425			−0.00587*			−0.00518*
	(0.00294)			(0.00289)			(0.00267)			(0.00300)			(0.00287)
LnAge	−0.129**			−0.139***			−0.104**			−0.166***			−0.135**
	(0.0528)			(0.0526)			(0.0413)			(0.0559)			(0.0521)
Dual listing	0.126			0.145			0.205			0.162			0.127
	(0.167)			(0.159)			(0.139)			(0.139)			(0.165)
Constant	0.688**			0.762**			1.038**			1.282**			0.989**
	(0.334)			(0.349)			(0.466)			(0.500)			(0.480)
Year dummies	Yes			Yes			Yes			Yes			Yes
Industry dummies	Yes			Yes			Yes			Yes			Yes
Observations	288			288			288			288			288
R²	0.373			0.398			0.445			0.439			0.404
	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Panel B: profitability
	ROA	ROA	ROA	ROA	ROA	ROE	ROE	ROE	ROE	ROE	ROS	ROS	ROS	ROS	ROS
State control	−0.0117	−5.509				4.812	3.239				0.668	−35.87***
	(2.753)	(9.990)				(7.302)	(23.42)				(4.764)	(12.23)
State control²		6.892					1.972					45.81***
		(11.27)					(25.37)					(14.19)
Majority			0.606					4.552					−0.419
			(2.005)					(5.488)					(3.379)
Minority			−13.17***					−22.36***					−12.75*
			(3.675)					(6.590)					(6.674)
Federal ownership				−0.712					0.753					−1.576
				(2.456)					(6.290)					(3.624)
Regional ownership				−6.696**					−4.264					−15.34***
				(2.993)					(11.21)					(4.420)
Mixed ownership				2.211					9.732					10.12
				(3.134)					(8.434)					(6.492)
Direct ownership					−1.585					−1.287					0.843
					(2.101)					(5.802)					(3.598)
Indirect ownership					−0.326					5.540					−7.057*
					(3.796)					(8.230)					(4.036)
Golden shares	5.191**	5.753**	13.55***	8.278***	5.892**	−7.683	−7.523	7.433	−5.290	−6.656	10.37*	14.11**	18.25***	17.63***	9.605
	(2.429)	(2.764)	(3.193)	(2.533)	(2.574)	(7.698)	(8.400)	(5.633)	(10.30)	(8.350)	(6.011)	(5.716)	(6.544)	(6.061)	(5.936)
LnSales	0.0453	0.103	0.171	−0.0670	0.165	0.864	0.881	1.055	0.810	1.221	−0.0333	0.352	0.158	−0.295	−0.213
	(0.636)	(0.647)	(0.629)	(0.621)	(0.658)	(2.155)	(2.206)	(2.169)	(2.302)	(2.263)	(0.991)	(1.085)	(0.986)	(1.009)	(1.010)
Leverage	−0.141***	−0.141***	−0.130**	−0.150***	−0.143***	−0.209	−0.209	−0.190	−0.218	−0.221	0.00742	0.0103	0.0175	−0.0123	0.0200
	(0.0516)	(0.0520)	(0.0527)	(0.0528)	(0.0517)	(0.139)	(0.139)	(0.139)	(0.145)	(0.138)	(0.0693)	(0.0667)	(0.0711)	(0.0640)	(0.0674)
LnAge	−0.112	−0.156	0.277	−0.347	−0.148	−0.792	−0.805	−0.00175	−1.426	−0.978	−0.177	−0.469	0.184	−1.075	0.105
	(0.590)	(0.612)	(0.594)	(0.722)	(0.599)	(2.021)	(2.071)	(2.063)	(2.397)	(2.116)	(1.326)	(1.305)	(1.379)	(1.436)	(1.331)
Constant	12.14***	11.96***	10.09**	13.44***	11.65***	33.17**	33.11**	29.40**	35.32**	32.07**	5.939	4.732	3.639	9.979	5.787
	(4.328)	(4.288)	(4.117)	(4.111)	(4.216)	(13.66)	(13.72)	(13.60)	(14.01)	(13.54)	(6.125)	(6.248)	(6.187)	(6.243)	(6.055)
Year dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	288	288	288	288	288	288	288	288	288	288	288	288	288	288	288
R²	0.223	0.225	0.265	0.235	0.226	0.135	0.135	0.147	0.137	0.136	0.216	0.260	0.239	0.273	0.242
	(21)			(22)			(23)			(24)			(25)
	Panel C: efficiency
	Sales/employee			Sales/employee			Sales/employee			Sales/employee			Sales/employee
State control	−6.754**			−19.98**
	(2.998)			(9.365)
State control²				16.63
				(11.04)
Majority							−5.327**
							(2.275)
Minority							−6.215**
							(2.577)
Federal ownership										−6.210**
										(2.361)
Regional ownership										−5.407
										(3.777)
Mixed ownership										−0.195
										(2.795)
Direct ownership													−6.172**
													(2.604)
Indirect ownership													−4.182*
													(2.327)
Golden shares	−2.203			−0.881			0.229			−0.162			0.172
	(3.232)			(2.899)			(2.327)			(2.089)			(2.813)
LnAge	−0.428			−0.534			−0.446			−0.904			−0.533
	(0.848)			(0.844)			(0.874)			(0.868)			(0.857)
LnTotal assets	1.213**			1.264**			1.270**			1.262**			1.381**
	(0.591)			(0.567)			(0.577)			(0.612)			(0.617)
Constant	2.104			2.178			1.870			3.234			1.658
	(3.996)			(3.903)			(3.994)			(4.068)			(3.981)
Year dummies	Yes			Yes			Yes			Yes			Yes
Industry dummies	Yes			Yes			Yes			Yes			Yes
Observations	288			288			288			288			288
R²	0.284			0.297			0.299			0.314			0.302

	(1)			(2)			(3)			(4)			(5)
	Panel A: valuation
	Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q
State control	−0.348**			−1.669**
	(0.169)			(0.654)
State control²				1.665**
				(0.741)
Majority							−0.226*
							(0.123)
Minority							−1.159**
							(0.544)
Federal ownership										−0.327**
										(0.126)
Regional ownership										−0.938**
										(0.420)
Mixed ownership										0.124
										(0.141)
Direct ownership													−0.409**
													(0.167)
Indirect ownership													−0.273**
													(0.133)
Golden shares	0.788			0.923*			1.449**			1.199**			0.949*
	(0.517)			(0.517)			(0.641)			(0.552)			(0.504)
LnSales	0.00884			0.0183			0.00459			−0.00687			0.0252
	(0.0477)			(0.0493)			(0.0464)			(0.0499)			(0.0492)
Sales growth	0.00919***			0.00890***			0.00746***			0.00817***			0.00925***
	(0.00313)			(0.00288)			(0.00229)			(0.00237)			(0.00299)
Leverage	−0.00521*			−0.00511*			−0.00425			−0.00587*			−0.00518*
	(0.00294)			(0.00289)			(0.00267)			(0.00300)			(0.00287)
LnAge	−0.129**			−0.139***			−0.104**			−0.166***			−0.135**
	(0.0528)			(0.0526)			(0.0413)			(0.0559)			(0.0521)
Dual listing	0.126			0.145			0.205			0.162			0.127
	(0.167)			(0.159)			(0.139)			(0.139)			(0.165)
Constant	0.688**			0.762**			1.038**			1.282**			0.989**
	(0.334)			(0.349)			(0.466)			(0.500)			(0.480)
Year dummies	Yes			Yes			Yes			Yes			Yes
Industry dummies	Yes			Yes			Yes			Yes			Yes
Observations	288			288			288			288			288
R²	0.373			0.398			0.445			0.439			0.404
	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Panel B: profitability
	ROA	ROA	ROA	ROA	ROA	ROE	ROE	ROE	ROE	ROE	ROS	ROS	ROS	ROS	ROS
State control	−0.0117	−5.509				4.812	3.239				0.668	−35.87***
	(2.753)	(9.990)				(7.302)	(23.42)				(4.764)	(12.23)
State control²		6.892					1.972					45.81***
		(11.27)					(25.37)					(14.19)
Majority			0.606					4.552					−0.419
			(2.005)					(5.488)					(3.379)
Minority			−13.17***					−22.36***					−12.75*
			(3.675)					(6.590)					(6.674)
Federal ownership				−0.712					0.753					−1.576
				(2.456)					(6.290)					(3.624)
Regional ownership				−6.696**					−4.264					−15.34***
				(2.993)					(11.21)					(4.420)
Mixed ownership				2.211					9.732					10.12
				(3.134)					(8.434)					(6.492)
Direct ownership					−1.585					−1.287					0.843
					(2.101)					(5.802)					(3.598)
Indirect ownership					−0.326					5.540					−7.057*
					(3.796)					(8.230)					(4.036)
Golden shares	5.191**	5.753**	13.55***	8.278***	5.892**	−7.683	−7.523	7.433	−5.290	−6.656	10.37*	14.11**	18.25***	17.63***	9.605
	(2.429)	(2.764)	(3.193)	(2.533)	(2.574)	(7.698)	(8.400)	(5.633)	(10.30)	(8.350)	(6.011)	(5.716)	(6.544)	(6.061)	(5.936)
LnSales	0.0453	0.103	0.171	−0.0670	0.165	0.864	0.881	1.055	0.810	1.221	−0.0333	0.352	0.158	−0.295	−0.213
	(0.636)	(0.647)	(0.629)	(0.621)	(0.658)	(2.155)	(2.206)	(2.169)	(2.302)	(2.263)	(0.991)	(1.085)	(0.986)	(1.009)	(1.010)
Leverage	−0.141***	−0.141***	−0.130**	−0.150***	−0.143***	−0.209	−0.209	−0.190	−0.218	−0.221	0.00742	0.0103	0.0175	−0.0123	0.0200
	(0.0516)	(0.0520)	(0.0527)	(0.0528)	(0.0517)	(0.139)	(0.139)	(0.139)	(0.145)	(0.138)	(0.0693)	(0.0667)	(0.0711)	(0.0640)	(0.0674)
LnAge	−0.112	−0.156	0.277	−0.347	−0.148	−0.792	−0.805	−0.00175	−1.426	−0.978	−0.177	−0.469	0.184	−1.075	0.105
	(0.590)	(0.612)	(0.594)	(0.722)	(0.599)	(2.021)	(2.071)	(2.063)	(2.397)	(2.116)	(1.326)	(1.305)	(1.379)	(1.436)	(1.331)
Constant	12.14***	11.96***	10.09**	13.44***	11.65***	33.17**	33.11**	29.40**	35.32**	32.07**	5.939	4.732	3.639	9.979	5.787
	(4.328)	(4.288)	(4.117)	(4.111)	(4.216)	(13.66)	(13.72)	(13.60)	(14.01)	(13.54)	(6.125)	(6.248)	(6.187)	(6.243)	(6.055)
Year dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	288	288	288	288	288	288	288	288	288	288	288	288	288	288	288
R²	0.223	0.225	0.265	0.235	0.226	0.135	0.135	0.147	0.137	0.136	0.216	0.260	0.239	0.273	0.242
	(21)			(22)			(23)			(24)			(25)
	Panel C: efficiency
	Sales/employee			Sales/employee			Sales/employee			Sales/employee			Sales/employee
State control	−6.754**			−19.98**
	(2.998)			(9.365)
State control²				16.63
				(11.04)
Majority							−5.327**
							(2.275)
Minority							−6.215**
							(2.577)
Federal ownership										−6.210**
										(2.361)
Regional ownership										−5.407
										(3.777)
Mixed ownership										−0.195
										(2.795)
Direct ownership													−6.172**
													(2.604)
Indirect ownership													−4.182*
													(2.327)
Golden shares	−2.203			−0.881			0.229			−0.162			0.172
	(3.232)			(2.899)			(2.327)			(2.089)			(2.813)
LnAge	−0.428			−0.534			−0.446			−0.904			−0.533
	(0.848)			(0.844)			(0.874)			(0.868)			(0.857)
LnTotal assets	1.213**			1.264**			1.270**			1.262**			1.381**
	(0.591)			(0.567)			(0.577)			(0.612)			(0.617)
Constant	2.104			2.178			1.870			3.234			1.658
	(3.996)			(3.903)			(3.994)			(4.068)			(3.981)
Year dummies	Yes			Yes			Yes			Yes			Yes
Industry dummies	Yes			Yes			Yes			Yes			Yes
Observations	288			288			288			288			288
R²	0.284			0.297			0.299			0.314			0.302

Notes: The table reports results from panel data estimations (a balanced panel) of our performance measures on state ownership and a set of financial and other control variables using robust and cluster-adjusted estimations of standard errors. Variables are defined in Section 4.2 and Table II. Standard errors are in parentheses the coefficient estimates. All models include sector and time dummies. The number of firm-years is 288. *,**,***Significant at the 10, 5 and 1 percent levels, respectively

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