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Table 5 Different administrative levels of government-controlled networks 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
Government-controlled networks 1.44*** 1.52*** 1.40*** 1.47*** 1.49*** 1.58*** 1.60***
Regional networks 5.25*** 5.07*** 4.41*** 4.49*** 4.63*** 4.12*** 3.80***
Industry networks 1.21** 1.21*** 1.20** 1.27*** 1.27*** 1.21*** 1.24***
Total assets networks 5.3e + 04** 1.41*** 1.47*** 1.37*** 1.37*** 1.37*** 1.37***
Age networks 1.3e − 43** 1.04** 1.04** 1.04** 1.03*** 1.02* 1.01
Debt/Asset Networks .74 1.03 1.20 1.40* .89 .83 .74*
ROE Networks 1.09 .66 .85 1.02 .91** .99 .85
Intercept 2.2e + 94 4.8e − 07 1.9e − 07 7.3e − 07 7.7e − 07 9.7e − 07 9.9e − 07
The number of Dyads 967272 1184832 1029210 1287090 1680912 1536360 1472582
Pseudo R2 (%) 5.50 5.50 4.80 4.70 5.00 4.40 4.00
LL −8116.70 −9627.90 −8317.00 −10298.00 −13471.30 −12237.80 −11097.30
  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