The main estimation results
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 |
|---|---|---|---|---|---|---|---|
| Turnover | −0.0077*** (0.0011) | −0.0043*** (0.0010) | −0.0123*** (0.0036) | −0.0043*** (0.0010) | −0.0057*** (0.0013) | −0.0146*** (0.0037) | |
| Power sources: Size | 0.0580*** | 0.0578*** | 0.0580*** | 0.0580*** | 0.0578*** | ||
| Government ownership | (0.0009) –0.0017 | (0.0009) –0.0017 | (0.0009) –0.0020 | (0.0009) –0.0017 | (0.0009) –0.0019 | ||
| FDI community | (0.0018) –0.0060*** | (0.0018) –0.0061*** | (0.0019) –0.0060*** | (0.0018) –0.0061*** | (0.0019) –0.0061*** | ||
| Interactions terms: | (0.0016) | (0.0016) | (0.0016) | (0.0016) | (0.0016) | ||
| Turnover_Size | 0.0007** (0.0003) | 0.0008** (0.0003) | |||||
| Turnover_government ownership | 0.0014 (0.0023) | 0.0011 (0.0023) | |||||
| Turnover_FDI community | 0.0020** (0.0010) | 0.0023** (0.0010) | |||||
| Control variables: | |||||||
| Firm age | 0.0136*** (0.0014) | 0.0136*** (0.0014) | −0.0079*** (0.0010) | −0.0079*** (0.0010) | −0.0079*** (0.0010) | −0.0079*** (0.0010) | −0.0079*** (0.0010) |
| Capital intensity | −0.0157*** (0.0006) | −0.0156*** (0.0006) | −0.0097*** (0.0007) | −0.0097*** (0.0007) | −0.0097*** (0.0007) | −0.0097*** (0.0007) | −0.0097*** (0.0007) |
| Leverage | −0.0056*** (0.0002) | −0.0057*** (0.0002) | −0.0110*** (0.0002) | −0.0110*** (0.0002) | −0.0110*** (0.0002) | −0.0110*** (0.0002) | −0.0110*** (0.0002) |
| Local market orientation | 0.0041*** (0.0009) | 0.0039*** (0.0009) | 0.0013 (0.0008) | 0.0013 (0.0008) | 0.0013 (0.0008) | 0.0013 (0.0008) | 0.0013 (0.0008) |
| Nationality | −0.0013 (0.0011) | −0.0013 (0.0011) | −0.0006 (0.0010) | −0.0006 (0.0010) | −0.0006 (0.0010) | −0.0006 (0.0010) | −0.0006 (0.0010) |
| HHI | −0.0037 (0.0586) | −0.0048 (0.0588) | 0.0684 (0.0471) | 0.0686 (0.0471) | 0.0685 (0.0471) | 0.0679 (0.0471) | 0.0681 (0.0471) |
| Market development | 0.0693*** (0.0074) | 0.0666*** (0.0073) | 0.0333*** (0.0068) | 0.0335*** (0.0067) | 0.0333*** (0.0068) | 0.0312*** (0.0066) | 0.0313*** (0.0066) |
| Wage | −0.0021*** (0.0002) | −0.0021*** (0.0002) | −0.0017*** (0.0001) | −0.0017*** (0.0001) | −0.0017*** (0.0001) | −0.0017*** (0.0001) | −0.0017*** (0.0001) |
| Governor tenure | −0.0000 (0.0001) | −0.0010*** (0.0002) | −0.0003 (0.0002) | −0.0003 (0.0002) | −0.0003 (0.0002) | −0.0003 (0.0002) | −0.0003 (0.0002) |
| Governor origin | 0.0034*** | 0.0031*** | 0.0023** | 0.0023*** | 0.0023** | 0.0023*** | 0.0024*** |
| (0.0010) | (0.0010) | (0.0009) | (0.0009) | (0.0009) | (0.0009) | (0.0009) | |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.1391*** (0.0082) | 0.1459*** (0.0086) | −0.4387*** (0.0103) | −0.4373*** (0.0103) | −0.4387*** (0.0103) | −0.4372*** (0.0102) | −0.4356*** (0.0102) |
| R2 | 0.5572 | 0.5574 | 0.6025 | 0.6025 | 0.6025 | 0.6025 | 0.6025 |
| F | 199.6638 | 183.7226 | 474.5444 | 442.9972 | 448.7210 | 442.6393 | 395.8724 |
| n | 604,957 | 604,957 | 603,076 | 603,076 | 603,076 | 603,076 | 603,076 |
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 |
|---|---|---|---|---|---|---|---|
| Turnover | −0.0077 | −0.0043 | −0.0123 | −0.0043 | −0.0057 | −0.0146 | |
| 0.0580 | 0.0578 | 0.0580 | 0.0580 | 0.0578 | |||
| Government ownership | (0.0009) | (0.0009) | (0.0009) | (0.0009) | (0.0009) | ||
| FDI community | (0.0018) | (0.0018) | (0.0019) | (0.0018) | (0.0019) | ||
| (0.0016) | (0.0016) | (0.0016) | (0.0016) | (0.0016) | |||
| Turnover_Size | 0.0007 | 0.0008 | |||||
| Turnover_government ownership | 0.0014 | 0.0011 | |||||
| Turnover_FDI community | 0.0020 | 0.0023 | |||||
| Firm age | 0.0136 | 0.0136 | −0.0079 | −0.0079 | −0.0079 | −0.0079 | −0.0079 |
| Capital intensity | −0.0157 | −0.0156 | −0.0097 | −0.0097 | −0.0097 | −0.0097 | −0.0097 |
| Leverage | −0.0056 | −0.0057 | −0.0110 | −0.0110 | −0.0110 | −0.0110 | −0.0110 |
| Local market orientation | 0.0041 | 0.0039 | 0.0013 | 0.0013 | 0.0013 | 0.0013 | 0.0013 |
| Nationality | −0.0013 | −0.0013 | −0.0006 | −0.0006 | −0.0006 | −0.0006 | −0.0006 |
| HHI | −0.0037 | −0.0048 | 0.0684 | 0.0686 | 0.0685 | 0.0679 | 0.0681 |
| Market development | 0.0693 | 0.0666 | 0.0333 | 0.0335 | 0.0333 | 0.0312 | 0.0313 |
| Wage | −0.0021 | −0.0021 | −0.0017 | −0.0017 | −0.0017 | −0.0017 | −0.0017 |
| Governor tenure | −0.0000 | −0.0010 | −0.0003 | −0.0003 | −0.0003 | −0.0003 | −0.0003 |
| Governor origin | 0.0034 | 0.0031 | 0.0023 | 0.0023 | 0.0023 | 0.0023 | 0.0024 |
| (0.0010) | (0.0010) | (0.0009) | (0.0009) | (0.0009) | (0.0009) | (0.0009) | |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | 0.1391 | 0.1459 | −0.4387 | −0.4373 | −0.4387 | −0.4372 | −0.4356 |
| 0.5572 | 0.5574 | 0.6025 | 0.6025 | 0.6025 | 0.6025 | 0.6025 | |
| 199.6638 | 183.7226 | 474.5444 | 442.9972 | 448.7210 | 442.6393 | 395.8724 | |
| 604,957 | 604,957 | 603,076 | 603,076 | 603,076 | 603,076 | 603,076 |
Notes:
**p < 0.05; ***p < 0.01; Standard errors clustered at industry in parentheses in model
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