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Table 4 State as the ultimate controller and interlocking directorate networks: 2004–2010, QAP logistic regression

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

  2004 2005 2006 2007 2008 2009 2010
State-controlled networks 1.51*** 1.45*** 1.42*** 1.35*** 1.50*** 1.55*** 1.58***
Regional networks 5.26*** 5.12*** 4.47*** 4.55*** 4.69*** 4.20*** 3.87***
Industry networks 1.21** 1.21*** 1.20** 1.27*** 1.27*** 1.21*** 1.24***
Total assets networks 1.1e + 05*** 1.36*** 1.42*** 1.33*** 1.31*** 1.31*** 1.30***
Age networks 1.7e − 46*** 1.05** 1.04** 1.03** 1.03*** 1.02 1.01
Debt/asset networks .76 1.02 1.20 1.40* .90 .85 .76
ROE networks 1.10 .68 .81 1.02 .91** .99 .88
Intercept 1.3e + 101 8.8e − 07 3.1e − 07 1.4e − 06 1.8e − 06 2.4e − 06 2.9e − 06
Number of dyads 967272 1184832 1029210 1287090 1680912 1536360 1472582
Pseudo R 2 (%) 5.60 5.40 4.80 4.70 5.10 4.40 4.00
LL −8112.37 −9630.29 −8312.63 −10303.33 −13463.80 −12234.68 −11094.32
  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