Robustness estimation results with ROE
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Turnover | −0.0034* (0.0019) | −0.0337*** (0.0089) | −0.0035* (0.0019) | −0.0049* (0.0029) | −0.0368*** (0.0090) |
| Power sources: Size | 0.1042*** | 0.1037*** | 0.1042*** | 0.1043*** | 0.1037*** |
| Government ownership | (0.0015) –0.0057 | (0.0016) –0.0057 | (0.0015) –0.0071 | (0.0015) –0.0058 | (0.0016) –0.0069 |
| FDI community | (0.0045) –0.0105*** | (0.0045) –0.0108*** | (0.0047) –0.0105*** | (0.0045) –0.0106*** | (0.0047) –0.0109*** |
| Interactions terms: | (0.0032) | (0.0032) | (0.0032) | (0.0032) | (0.0032) |
| Turnover_Size | 0.0028*** (0.0009) | 0.0029*** (0.0008) | |||
| Turnover_government ownership | 0.0065 (0.0075) | 0.0057 (0.0075) | |||
| Turnover_FDI community | 0.0022 (0.0024) | 0.0031 (0.0024) | |||
| Control variables: | |||||
| Firm age | −0.0046** (0.0019) | −0.0046** (0.0019) | −0.0046** (0.0019) | −0.0046** (0.0019) | −0.0046** (0.0019) |
| Capital intensity | −0.0006 (0.0021) | −0.0007 (0.0021) | −0.0006 (0.0021) | −0.0006 (0.0021) | −0.0007 (0.0021) |
| Leverage | −0.0049*** (0.0004) | −0.0048*** (0.0004) | −0.0049*** (0.0004) | −0.0049*** (0.0004) | −0.0048*** (0.0004) |
| Local market orientation | −0.0014 (0.0019) | −0.0013 (0.0019) | −0.0014 (0.0019) | −0.0014 (0.0019) | −0.0013 (0.0019) |
| Nationality | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) |
| HHI | 0.2119* (0.1136) | 0.2126* (0.1137) | 0.2120* (0.1136) | 0.2113* (0.1136) | 0.2119* (0.1137) |
| Market development | 0.0614*** (0.0146) | 0.0624*** (0.0145) | 0.0614*** (0.0146) | 0.0592*** (0.0141) | 0.0594*** (0.0141) |
| Wage | −0.0027*** (0.0002) | −0.0027*** (0.0002) | −0.0027*** (0.0002) | −0.0027*** (0.0002) | −0.0027*** (0.0002) |
| Governor tenure | 0.0007* (0.0004) | 0.0007* (0.0004) | 0.0007* (0.0004) | 0.0007* (0.0004) | 0.0007* (0.0004) |
| Governor origin | 0.0035** (0.0017) | 0.0036** (0.0016) | 0.0035** (0.0017) | 0.0036** (0.0017) | 0.0036** (0.0017) |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.9040*** (0.0200) | −0.8988*** (0.0200) | −0.9040*** (0.0200) | −0.9024*** (0.0201) | −0.8965*** (0.0201) |
| R2 | 0.4939 | 0.4940 | 0.4939 | 0.4939 | 0.4940 |
| F | 494.3198 | 463.4541 | 461.5192 | 464.5279 | 412.3915 |
| n | 59,1492 | 591,492 | 591,492 | 591,492 | 591,492 |
| Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
|---|---|---|---|---|---|
| Turnover | −0.0034 | −0.0337 | −0.0035 | −0.0049 | −0.0368 |
| Power sources: Size | 0.1042 | 0.1037 | 0.1042 | 0.1043 | 0.1037 |
| Government ownership | (0.0015) –0.0057 | (0.0016) –0.0057 | (0.0015) –0.0071 | (0.0015) –0.0058 | (0.0016) –0.0069 |
| FDI community | (0.0045) –0.0105 | (0.0045) –0.0108 | (0.0047) –0.0105 | (0.0045) –0.0106 | (0.0047) –0.0109 |
| Interactions terms: | (0.0032) | (0.0032) | (0.0032) | (0.0032) | (0.0032) |
| Turnover_Size | 0.0028 | 0.0029 | |||
| Turnover_government ownership | 0.0065 (0.0075) | 0.0057 (0.0075) | |||
| Turnover_FDI community | 0.0022 (0.0024) | 0.0031 (0.0024) | |||
| Control variables: | |||||
| Firm age | −0.0046 | −0.0046 | −0.0046 | −0.0046 | −0.0046 |
| Capital intensity | −0.0006 (0.0021) | −0.0007 (0.0021) | −0.0006 (0.0021) | −0.0006 (0.0021) | −0.0007 (0.0021) |
| Leverage | −0.0049 | −0.0048 | −0.0049 | −0.0049 | −0.0048 |
| Local market orientation | −0.0014 (0.0019) | −0.0013 (0.0019) | −0.0014 (0.0019) | −0.0014 (0.0019) | −0.0013 (0.0019) |
| Nationality | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) | −0.0036 (0.0023) |
| HHI | 0.2119 | 0.2126 | 0.2120 | 0.2113 | 0.2119 |
| Market development | 0.0614 | 0.0624 | 0.0614 | 0.0592 | 0.0594 |
| Wage | −0.0027 | −0.0027 | −0.0027 | −0.0027 | −0.0027 |
| Governor tenure | 0.0007 | 0.0007 | 0.0007 | 0.0007 | 0.0007 |
| Governor origin | 0.0035 | 0.0036 | 0.0035 | 0.0036 | 0.0036 |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes |
| Constant | −0.9040 | −0.8988 | −0.9040 | −0.9024 | −0.8965 |
| 0.4939 | 0.4940 | 0.4939 | 0.4939 | 0.4940 | |
| 494.3198 | 463.4541 | 461.5192 | 464.5279 | 412.3915 | |
| 59,1492 | 591,492 | 591,492 | 591,492 | 591,492 |
Notes:
*p < 0.10; **p < 0.05; ***p < 0.01; standard errors clustered at industry in parentheses
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