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Table 4 Growth rate of private economy and performance of private enterprises

From: The institutional environment and the performance of private enterprises: population ecology and the institutional school revisited

  Model 1 Model 2 Model 3 Model 4
Coefficient SE Coefficient SE Coefficient SE Coefficient SE
ROE (log)         
Asset (log) −0.471**** 0.028 −0.468**** 0.028 −0.472**** 0.028 −0.468**** 0.028
Enterprise size (log) 0.490**** 0.040 0.490**** 0.039 0.530**** 0.044 0.487**** 0.039
Leverage 1.561**** 0.141 1.573**** 0.141 1.561**** 0.141 1.552**** 0.141
Enterprise age 0.005 0.008 0.006 0.008 0.005 0.008 0.322**** 0.095
Management size 1.629**** 0.407 1.601**** 0.406 1.588**** 0.407 1.605**** 0.406
Industry         
 Agriculture and mining 0.472*** 0.166 0.443*** 0.166 0.471*** 0.166 0.508*** 0.166
 Manufacture & power 0.017 0.129 −0.003 0.129 0.009 0.129 0.014 0.129
 Construction and transportation 0.046 0.163 0.040 0.163 0.030 0.163 0.046 0.163
 Information, technology, real estate, and finance 0.400** 0.183 0.391** 0.182 0.408** 0.182 0.387** 0.182
 Sales −0.038 0.145 −0.060 0.144 −0.040 0.145 −0.030 0.144
Male 0.094 0.102 0.087 0.102 0.099 0.102 0.088 0.102
Age −0.009# 0.005 −0.009** 0.005 −0.009# 0.005 −0.009** 0.005
Education 0.045**** 0.014 0.045**** 0.014 0.044**** 0.014 0.042*** 0.014
CCP −0.176** 0.078 −0.167** 0.077 −0.175** 0.078 −0.158** 0.078
Provincial GDP (log) 0.014 0.060 -0.082 0.067 0.018 0.060 0.013 0.060
Development index of private economy in 2006 1.734** 0.687 2.329**** 0.709 1.700** 0.687 2.070*** 0.693
Fast growth of private economy 0.028 0.078 10.044**** 3.028 0.405** 0.206 0.232** 0.098
Development index x fast growth    −8.863**** 2.679     
Enterprise size x fast growth      −0.092** 0.047   
Enterprise age x fast growth        −0.293**** 0.087
Constant −2.749**** 0.604 −1.983*** 0.645 −2.938**** 0.611 −2.860**** 0.603
Observations 1607   1607   1607   1607  
R 2 0.209   0.214   0.210   0.214  
  1. #p < 0.10; **p < 0.05; ***p < 0.01; ****p < 0.001 (two-tailed test)