Skip to main content

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