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 |