Table VII State control, competition and...

Table VII

State control, competition and firm performance

	(1)			(2)			(3)			(4)
	Panel A: valuation
	Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q
State control × extractive ind.	0.101
	(0.304)
State control	−0.639**
	(0.273)
Majority × extractive ind.				−0.0752
				(0.195)
Majority				−0.329**
				(0.157)
Minority × extractive ind.				−0.0362
				(0.422)
Minority				−1.214**
				(0.537)
Federal × extractive ind.							0.0178
							(0.242)
Federal							−0.526**
							(0.207)
Regional × extractive ind.							−0.0867
							(0.520)
Regional							−0.787*
							(0.405)
Mixed ownership							−0.0427
							(0.206)
Direct × extractive ind.										0.199
										(0.272)
Direct										−0.582**
										(0.226)
Indirect × extractive ind.										0.0866
										(0.197)
Indirect										−0.555***
										(0.136)
Extractive industries	−0.156			−0.147			−0.169			−0.176
	(0.151)			(0.154)			(0.155)			(0.156)
Golden shares	0.707			1.407**			1.081*			0.902*
	(0.514)			(0.669)			(0.600)			(0.496)
LnSales	0.0204			0.0238			0.0272			0.0121
	(0.0386)			(0.0383)			(0.0410)			(0.0446)
Sales growth	0.00937***			0.00788***			0.00863***			0.00888***
	(0.00327)			(0.00270)			(0.00277)			(0.00306)
Leverage	−0.00440			−0.00355			−0.00457*			−0.00397
	(0.00266)			(0.00236)			(0.00266)			(0.00245)
LnAge	−0.103*			−0.0877*			−0.143**			−0.112**
	(0.0550)			(0.0456)			(0.0613)			(0.0528)
Dual listing	0.113			0.165			0.128			0.135
	(0.131)			(0.114)			(0.121)			(0.127)
Constant	0.797***			0.730***			0.936***			0.896***
	(0.262)			(0.228)			(0.267)			(0.268)
Year dummies	Yes			Yes			Yes			Yes
Observations	288			288			288			288
R²	0.324			0.411			0.400			0.376
	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
	Panel B: profitability
	ROA	ROA	ROA	ROA	ROE	ROE	ROE	ROE	ROS	ROS	ROS	ROS
State control × extractive ind.	6.356				31.29***				8.656
	(4.086)				(10.24)				(8.289)
State control	−5.955*				−21.76***				−8.543
	(3.185)				(6.330)				(6.279)
Majority × extractive ind.		1.937				17.90**				2.973
		(2.828)				(7.099)				(5.272)
Majority		−1.802				−11.09***				−4.552
		(2.185)				(4.116)				(3.878)
Minority × extractive ind.		7.058*				41.14***				−0.279
		(3.890)				(14.64)				(10.60)
Minority		−14.91***				−31.51***				−13.19
		(3.751)				(8.448)				(8.237)
Federal × extractive ind.			6.590				26.56***				3.770
			(4.691)				(8.877)				(6.940)
Federal			−6.548				−20.17***				−6.666
			(4.117)				(6.946)				(5.529)
Regional × extractive ind.			2.460				29.43**				−0.960
			(3.132)				(13.35)				(10.49)
Regional			−4.319**				−9.632				−8.907
			(2.061)				(10.02)				(7.242)
Mixed ownership			0.00539				8.037				4.151
			(3.229)				(7.650)				(8.096)
Direct × extractive ind.				2.555				21.13**				10.06*
				(3.223)				(9.352)				(5.885)
Direct				−3.185				−15.89***				−3.539
				(1.959)				(5.563)				(3.711)
Indirect × extractive ind.				20.14***				38.20***				17.15***
				(2.401)				(6.622)				(4.795)
Indirect				−19.74***				−30.09***				−23.91***
				(1.210)				(3.445)				(2.960)
Extractive industries	−3.973**	−3.981**	−4.420**	−4.486**	−21.19***	−22.54***	−23.30***	−22.93***	−1.649	−0.829	−1.163	−1.650
	(1.883)	(1.902)	(1.895)	(1.873)	(5.985)	(6.159)	(6.126)	(6.087)	(3.423)	(3.579)	(3.582)	(3.556)
Golden shares	5.615**	13.19***	7.455***	5.979***	−8.030	0.838	−8.812	−5.106	13.12**	21.02**	17.95**	11.26**
	(2.191)	(2.710)	(2.207)	(2.058)	(10.63)	(6.718)	(10.13)	(8.551)	(5.634)	(7.971)	(7.469)	(5.539)
LnSales	0.903*	1.034*	0.964*	1.094*	2.568	2.662	2.673	2.916	0.708	0.939	0.944	−0.112
	(0.528)	(0.523)	(0.558)	(0.629)	(1.666)	(1.661)	(1.781)	(1.928)	(0.887)	(0.896)	(0.950)	(0.881)
Leverage	−0.162***	−0.145**	−0.152**	−0.155***	−0.303*	−0.253	−0.251	−0.274*	0.0615	0.0704	0.0600	0.0657
	(0.0519)	(0.0548)	(0.0573)	(0.0537)	(0.158)	(0.153)	(0.158)	(0.155)	(0.0735)	(0.0756)	(0.0741)	(0.0712)
LnAge	0.206	0.584	0.319	0.396	−0.770	0.0847	−0.382	−0.139	1.156	1.396	0.691	1.120
	(0.683)	(0.705)	(0.834)	(0.698)	(2.038)	(2.089)	(2.465)	(2.089)	(1.352)	(1.446)	(1.658)	(1.315)
Constant	7.746**	5.559*	7.388**	6.746*	24.68**	21.11**	23.38**	21.80*	7.497	5.412	8.130	11.85**
	(3.157)	(3.177)	(3.518)	(3.476)	(10.71)	(10.41)	(10.82)	(11.26)	(5.647)	(6.093)	(6.042)	(5.646)
Year dummies	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
R²	0.182	0.223	0.198	0.228	0.122	0.139	0.135	0.135	0.105	0.129	0.131	0.215
	(17)			(18)			(19)			(20)
	Panel C: efficiency
	Sales/employee			Sales/employee			Sales/employee			Sales/employee
State control × extractive ind.	−8.117
	(5.631)
State control	0.168
	(3.188)
Majority × extractive ind.				−6.739
				(4.068)
Majority				0.571
				(2.580)
Minority × extractive ind.				−9.521**
				(3.683)
Minority				−2.956***
				(0.971)
Federal × extractive ind.							−6.433
							(3.908)
Federal							−0.562
							(2.281)
Regional × extractive ind.							−0.319
							(1.470)
Regional							−10.46**
							(4.472)
Mixed ownership							−2.396
							(3.815)
Direct × extractive ind.										−9.754*
										(4.931)
Direct										0.126
										(2.240)
Indirect × extractive ind.										−1.763
										(2.849)
Indirect										−2.757***
										(0.896)
Extractive industries	5.350**			5.952**			5.775**			5.733**
	(2.299)			(2.403)			(2.382)			(2.397)
Golden shares	0.188			3.974***			2.657**			1.866
	(2.025)			(0.886)			(1.309)			(1.606)
LnAge	−0.211			−0.314			−0.712			−0.381
	(0.695)			(0.749)			(0.778)			(0.704)
LNTotal assets	2.120***			2.152***			2.185***			2.580***
	(0.796)			(0.769)			(0.786)			(0.930)
Constant	−4.467			−4.484			−3.272			−6.085
	(4.199)			(4.025)			(3.994)			(4.716)
Year dummies	Yes			Yes			Yes			Yes
Observations	288			288			288			288
R²	0.207			0.230			0.236			0.245

	(1)			(2)			(3)			(4)
	Panel A: valuation
	Tobin’s Q			Tobin’s Q			Tobin’s Q			Tobin’s Q
State control × extractive ind.	0.101
	(0.304)
State control	−0.639**
	(0.273)
Majority × extractive ind.				−0.0752
				(0.195)
Majority				−0.329**
				(0.157)
Minority × extractive ind.				−0.0362
				(0.422)
Minority				−1.214**
				(0.537)
Federal × extractive ind.							0.0178
							(0.242)
Federal							−0.526**
							(0.207)
Regional × extractive ind.							−0.0867
							(0.520)
Regional							−0.787*
							(0.405)
Mixed ownership							−0.0427
							(0.206)
Direct × extractive ind.										0.199
										(0.272)
Direct										−0.582**
										(0.226)
Indirect × extractive ind.										0.0866
										(0.197)
Indirect										−0.555***
										(0.136)
Extractive industries	−0.156			−0.147			−0.169			−0.176
	(0.151)			(0.154)			(0.155)			(0.156)
Golden shares	0.707			1.407**			1.081*			0.902*
	(0.514)			(0.669)			(0.600)			(0.496)
LnSales	0.0204			0.0238			0.0272			0.0121
	(0.0386)			(0.0383)			(0.0410)			(0.0446)
Sales growth	0.00937***			0.00788***			0.00863***			0.00888***
	(0.00327)			(0.00270)			(0.00277)			(0.00306)
Leverage	−0.00440			−0.00355			−0.00457*			−0.00397
	(0.00266)			(0.00236)			(0.00266)			(0.00245)
LnAge	−0.103*			−0.0877*			−0.143**			−0.112**
	(0.0550)			(0.0456)			(0.0613)			(0.0528)
Dual listing	0.113			0.165			0.128			0.135
	(0.131)			(0.114)			(0.121)			(0.127)
Constant	0.797***			0.730***			0.936***			0.896***
	(0.262)			(0.228)			(0.267)			(0.268)
Year dummies	Yes			Yes			Yes			Yes
Observations	288			288			288			288
R²	0.324			0.411			0.400			0.376
	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)
	Panel B: profitability
	ROA	ROA	ROA	ROA	ROE	ROE	ROE	ROE	ROS	ROS	ROS	ROS
State control × extractive ind.	6.356				31.29***				8.656
	(4.086)				(10.24)				(8.289)
State control	−5.955*				−21.76***				−8.543
	(3.185)				(6.330)				(6.279)
Majority × extractive ind.		1.937				17.90**				2.973
		(2.828)				(7.099)				(5.272)
Majority		−1.802				−11.09***				−4.552
		(2.185)				(4.116)				(3.878)
Minority × extractive ind.		7.058*				41.14***				−0.279
		(3.890)				(14.64)				(10.60)
Minority		−14.91***				−31.51***				−13.19
		(3.751)				(8.448)				(8.237)
Federal × extractive ind.			6.590				26.56***				3.770
			(4.691)				(8.877)				(6.940)
Federal			−6.548				−20.17***				−6.666
			(4.117)				(6.946)				(5.529)
Regional × extractive ind.			2.460				29.43**				−0.960
			(3.132)				(13.35)				(10.49)
Regional			−4.319**				−9.632				−8.907
			(2.061)				(10.02)				(7.242)
Mixed ownership			0.00539				8.037				4.151
			(3.229)				(7.650)				(8.096)
Direct × extractive ind.				2.555				21.13**				10.06*
				(3.223)				(9.352)				(5.885)
Direct				−3.185				−15.89***				−3.539
				(1.959)				(5.563)				(3.711)
Indirect × extractive ind.				20.14***				38.20***				17.15***
				(2.401)				(6.622)				(4.795)
Indirect				−19.74***				−30.09***				−23.91***
				(1.210)				(3.445)				(2.960)
Extractive industries	−3.973**	−3.981**	−4.420**	−4.486**	−21.19***	−22.54***	−23.30***	−22.93***	−1.649	−0.829	−1.163	−1.650
	(1.883)	(1.902)	(1.895)	(1.873)	(5.985)	(6.159)	(6.126)	(6.087)	(3.423)	(3.579)	(3.582)	(3.556)
Golden shares	5.615**	13.19***	7.455***	5.979***	−8.030	0.838	−8.812	−5.106	13.12**	21.02**	17.95**	11.26**
	(2.191)	(2.710)	(2.207)	(2.058)	(10.63)	(6.718)	(10.13)	(8.551)	(5.634)	(7.971)	(7.469)	(5.539)
LnSales	0.903*	1.034*	0.964*	1.094*	2.568	2.662	2.673	2.916	0.708	0.939	0.944	−0.112
	(0.528)	(0.523)	(0.558)	(0.629)	(1.666)	(1.661)	(1.781)	(1.928)	(0.887)	(0.896)	(0.950)	(0.881)
Leverage	−0.162***	−0.145**	−0.152**	−0.155***	−0.303*	−0.253	−0.251	−0.274*	0.0615	0.0704	0.0600	0.0657
	(0.0519)	(0.0548)	(0.0573)	(0.0537)	(0.158)	(0.153)	(0.158)	(0.155)	(0.0735)	(0.0756)	(0.0741)	(0.0712)
LnAge	0.206	0.584	0.319	0.396	−0.770	0.0847	−0.382	−0.139	1.156	1.396	0.691	1.120
	(0.683)	(0.705)	(0.834)	(0.698)	(2.038)	(2.089)	(2.465)	(2.089)	(1.352)	(1.446)	(1.658)	(1.315)
Constant	7.746**	5.559*	7.388**	6.746*	24.68**	21.11**	23.38**	21.80*	7.497	5.412	8.130	11.85**
	(3.157)	(3.177)	(3.518)	(3.476)	(10.71)	(10.41)	(10.82)	(11.26)	(5.647)	(6.093)	(6.042)	(5.646)
Year dummies	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
R²	0.182	0.223	0.198	0.228	0.122	0.139	0.135	0.135	0.105	0.129	0.131	0.215
	(17)			(18)			(19)			(20)
	Panel C: efficiency
	Sales/employee			Sales/employee			Sales/employee			Sales/employee
State control × extractive ind.	−8.117
	(5.631)
State control	0.168
	(3.188)
Majority × extractive ind.				−6.739
				(4.068)
Majority				0.571
				(2.580)
Minority × extractive ind.				−9.521**
				(3.683)
Minority				−2.956***
				(0.971)
Federal × extractive ind.							−6.433
							(3.908)
Federal							−0.562
							(2.281)
Regional × extractive ind.							−0.319
							(1.470)
Regional							−10.46**
							(4.472)
Mixed ownership							−2.396
							(3.815)
Direct × extractive ind.										−9.754*
										(4.931)
Direct										0.126
										(2.240)
Indirect × extractive ind.										−1.763
										(2.849)
Indirect										−2.757***
										(0.896)
Extractive industries	5.350**			5.952**			5.775**			5.733**
	(2.299)			(2.403)			(2.382)			(2.397)
Golden shares	0.188			3.974***			2.657**			1.866
	(2.025)			(0.886)			(1.309)			(1.606)
LnAge	−0.211			−0.314			−0.712			−0.381
	(0.695)			(0.749)			(0.778)			(0.704)
LNTotal assets	2.120***			2.152***			2.185***			2.580***
	(0.796)			(0.769)			(0.786)			(0.930)
Constant	−4.467			−4.484			−3.272			−6.085
	(4.199)			(4.025)			(3.994)			(4.716)
Year dummies	Yes			Yes			Yes			Yes
Observations	288			288			288			288
R²	0.207			0.230			0.236			0.245

Notes: The table reports results from panel data estimations (a balanced panel) of our performance measures on state ownership, interactions of state ownership and extractive industries, 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 time dummies. The number of firm-years is 288. *,**,***Significant at the 10, 5 and 1 percent levels, respectively

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