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

Chen, Zongshi; Zheng, Lu

doi:10.1186/s40711-015-0018-6

The Journal of Chinese Sociology

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

#p < 0.10; **p < 0.05; ***p < 0.01; ****p < 0.001 (two-tailed test)

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