Results of the regression analysis
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| MB | ROA | MB | ROA | MB | ROA | |
| Structural power | −0.016 (0.102) | −0.021 (0.016) | 0.084 (0.103) | −0.019 (0.016) | 0.130 (0.100) | −0.019 (0.016) |
| Expert power | 0.122 (0.155) | −0.028 (0.024) | 0.069 (0.166) | −0.053* (0.027) | −0.015 (0.152) | −0.040 (0.025) |
| Prestige power | −0.024 (0.078) | −0.006 (0.012) | 0.025 (0.078) | −0.013 (0.012) | −0.011 (0.075) | −0.011 (0.012) |
| Ownership power | −0.170** (0.078) | −0.020* (0.012) | −0.146* (0.080) | −0.014 (0.013) | −0.132* (0.076) | −0.013 (0.012) |
| State ownership | −0.174 (0.115) | 0.024 (0.018) | −0.166 (0.115) | 0.021 (0.018) | −0.103 (0.111) | 0.019 (0.018) |
| Oligarch ownership | 0.056 (0.132) | 0.014 (0.020) | 0.038 (0.126) | 0.014 (0.020) | 0.178 (0.139) | 0.025 (0.023) |
| Structural power*State | 0.111 (0.099) | −0.012 (0.016) | ||||
| Expert power*State | 0.095 (0.194) | 0.038 (0.031) | ||||
| Prestige power*State | −0.113 (0.097) | 0.008 (0.016) | ||||
| Ownership power*State | −0.005 (0.110) | 0.010 (0.018) | ||||
| Structural power*Oligarch | −0.013 (0.139) | −0.018 (0.023) | ||||
| Expert power*Oligarch | −1.011* (0.600) | −0.008 (0.098) | ||||
| Prestige power*Oligarch | 0.219 (0.179) | 0.036 (0.029) | ||||
| Ownership power*Oligarch | −0.324** (0.155) | 0.019 (0.025) | ||||
| Constant | 5.886*** (0.995) | 0.359** (0.155) | 5.362*** (1.025) | 0.419** (0.167) | 5.487*** (0.972) | 0.379** (0.160) |
| Observations | 325 | 325 | 315 | 315 | 315 | 315 |
| R2 | 0.159 | 0.087 | 0.179 | 0.106 | 0.203 | 0.108 |
| Control variables | Included | Included | Included | Included | Included | Included |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| MB | ROA | MB | ROA | MB | ROA | |
| Structural power | −0.016 (0.102) | −0.021 (0.016) | 0.084 (0.103) | −0.019 (0.016) | 0.130 (0.100) | −0.019 (0.016) |
| Expert power | 0.122 (0.155) | −0.028 (0.024) | 0.069 (0.166) | −0.053* (0.027) | −0.015 (0.152) | −0.040 (0.025) |
| Prestige power | −0.024 (0.078) | −0.006 (0.012) | 0.025 (0.078) | −0.013 (0.012) | −0.011 (0.075) | −0.011 (0.012) |
| Ownership power | −0.170** (0.078) | −0.020* (0.012) | −0.146* (0.080) | −0.014 (0.013) | −0.132* (0.076) | −0.013 (0.012) |
| State ownership | −0.174 (0.115) | 0.024 (0.018) | −0.166 (0.115) | 0.021 (0.018) | −0.103 (0.111) | 0.019 (0.018) |
| Oligarch ownership | 0.056 (0.132) | 0.014 (0.020) | 0.038 (0.126) | 0.014 (0.020) | 0.178 (0.139) | 0.025 (0.023) |
| Structural power*State | 0.111 (0.099) | −0.012 (0.016) | ||||
| Expert power*State | 0.095 (0.194) | 0.038 (0.031) | ||||
| Prestige power*State | −0.113 (0.097) | 0.008 (0.016) | ||||
| Ownership power*State | −0.005 (0.110) | 0.010 (0.018) | ||||
| Structural power*Oligarch | −0.013 (0.139) | −0.018 (0.023) | ||||
| Expert power*Oligarch | −1.011* (0.600) | −0.008 (0.098) | ||||
| Prestige power*Oligarch | 0.219 (0.179) | 0.036 (0.029) | ||||
| Ownership power*Oligarch | −0.324** (0.155) | 0.019 (0.025) | ||||
| Constant | 5.886*** (0.995) | 0.359** (0.155) | 5.362*** (1.025) | 0.419** (0.167) | 5.487*** (0.972) | 0.379** (0.160) |
| Observations | 325 | 325 | 315 | 315 | 315 | 315 |
| 0.159 | 0.087 | 0.179 | 0.106 | 0.203 | 0.108 | |
| Control variables | Included | Included | Included | Included | Included | Included |
Note(s): Standard errors are in parentheses
***p < 0.01, **p < 0.05, *p < 0.1
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