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Table 3 Networks of the state as the largest shareholder and interlocking directorate networks: 2000–2010, QAP logistic regression

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

  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Largest shareholder networks 1.11 1.08 1.22* 1.21*** 1.34*** 1.28*** 1.34*** 1.41*** 1.43*** 1.36*** 1.10
Regional networks 5.88*** 5.33*** 6.14*** 6.06*** 5.27*** 5.11*** 4.45*** 4.55*** 4.69*** 4.19*** 3.86***
Industry networks 1.17 1.17 1.28* 1.25*** 1.20** 1.20*** 1.20** 1.27*** 1.27*** 1.21*** 1.25***
Total asset networks 1.48** 1.58*** 1.45*** 1.41*** 1.4e + 05*** 1.38*** 1.44*** 1.34*** 1.33*** 1.33*** 1.33***
Age networks 1.24*** 1.18*** 1.09*** 1.05*** 1.5e − 47 1.05** 1.04** 1.04** 1.03*** 1.02* 1.01
Debt/asset networks .29* 1.23 .73 .96 .76 1.02 1.20 1.42* .90 .83 .72*
ROE networks .62 1.01 1.23 .90 1.11 .69 .84 1.02 .91** .99 .87
Intercept 3.7e − 08 9.8e − 09 2.0e − 07 4.4e − 07 2.9e + 103 6.9e − 07 2.4e − 07 1.2e − 06 1.5e − 06 1.8e − 06 2.2e − 06
Number of dyads 5191920 825372 311922 1017072 967272 1184832 1029210 1287090 1680912 1536360 1472582
Pseudo R 2 (%) 7.30 6.10 6.80 6.30 5.50 5.30 4.80 4.70 5.00 4.30 3.70
LL −1918.89 −3093.15 −2595.55 −8545.81 −8121.00 −9640.95 −8317.07 −10297.97 −13471.71 −12254.76 −11132.60
  1. The coefficients in the table are all odds ratios. All models have 500 occurrences of random permutation. All network independent variables are lagged by one year.
  2. The one-tail test of QAP distribution, †p < 0.1; *p < 0.05; **p < 0.01; ***p < 0.001