Skip to main content

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