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Table 2 State ownership and interlocking directorate relations: 2000–2010, bootstrap logistic regression

From: Property rights and the formation of interfirm networks: a network analysis of the interlocking directorates in China’s listed companies

  Model 1 Model 2 Model 3 Model 4
Exp(B) SE Exp(B) SE Exp(B) SE Exp(B) SE
Ownershipa         
A. Largest shareholder 1.30*** (0.7)    .57*** (.03)   
 Largest shareholder × T 2004      3.05*** (.19)   
B. State-controlled    1.70*** (.11)     
C. Central government-controlled        2.74*** (.49)
 Provincial government-controlled        1.83*** (.20)
 City government-controlled        1.31** (.12)
 County government-controlled        .77 (.13)
Yearb         
 2001 1.40*** (.14)       
 2002 2.54*** (.30)       
 2003 6.61*** (.73)       
 2004 6.86*** (.79)       
 2005 6.21*** (.70) .94 (.11)    .91 (.12)
 2006 6.12*** (.72) .94 (.11)    .93 (.14)
 2007 6.78*** (.81) 1.09 (.13)    1.04 (.15)
 2008 8.46*** (1.0) 1.39** (.17)    1.21 (.17)
 2009 7.19*** (.85) 1.19 (.14)    1.05 (.14)
 2010 6.68*** (.81) 1.08 (.13)    .95 (.13)
Regionc         
 North China 1.15 (.14) 1.19 (.18) 1.18 (.14) 1.00 (.19)
 Northeast .79 (.10) 1.05 (.17) .75* (.092) .85 (.17)
 East China 1.43*** (.15) 1.56*** (.21) 1.41*** (.14) 1.34 (.22)
 Central South .98 (.11) 1.08 (.15) .96 (.10) .98 (.17)
 Southwest 1.10 (.14) 1.48* (.24) 1.06 (.13) 1.38 (.28)
Industryd
 Real estate 1.04 (.10) 1.05 (.12) .91 (.08) 1.12 (.16)
 Public service 1.11 (.10) 1.05 (.13) 1.04 (.09) 1.01 (.13)
 Finance 2.39* (.88) 2.73 (1.6) 2.06* (.74) 2.45 (1.57)
 Commerce 1.51*** (.14) 1.75*** (.23) 1.40*** (.13) 1.83*** (.27)
 Hybrid business 1.27*** (.09) 1.20* (.11) 1.16* (.07) 1.19 (.12)
Total assets (log) 1.25*** (.03) 1.25*** (.04) 1.30*** (.03) 1.19*** (.05)
Enterprise age 1.02*** (.01) 1.0 (.01) 1.06*** (.01) 1.01 (.01)
Debt/asset ratio 1.19 (.18) .86 (.16) 1.15 (.17) .92 (.19)
ROE 1.00 (.05) .99 (.08) 1.00 (.04) 1.00 (.10)
 -2LL 10737.15 6871.64 11196.12 5430.42
 df 25 21 16 24
 BIC −93147.24 −64559.68 −92781.49 −47258.38
 N 11172 7974 11172 6074
  1. Standard errors produced by permutation 1000 times using bootstrap are in parentheses. Ownership, region, industry, and other control variables are all lagged by 1 year
  2. p < 0.1; *p < 0.05; **p < 0.01; ***p < 0.001
  3. aThe reference group for A and B are non-SOEs; the reference group for C is nongovernment-controlled enterprises; other organizations, or privately controlled enterprises
  4. bThe reference group of year dummy for model 1 is 2000; for models 3, 4, and 5 are 2004
  5. cReference group is northwest; d. reference group is manufacturing industry