Table 2.
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Generalized method of moments model of organizational forms and firm performance

VariableSOE
MOE
POE
(1)(2)(3)(4)(5)(6)(7)(8)(9)
ROSt−1−0.015** (0.004)−0.013** (0.004)0.275** (0.009)−0.014* (0.007)−0.013** (0.007)0.183** (0.012)0.011** (0.001)0.013** (0.001)0.018** (0.001)
SOE density, t − 10.001** (0.000)0.001 (0.001)0.000* (0.000)0.001* (0.0003)0.004** (0.001)0.002* (0.001)−0.002** (0.000)−0.003** (0.0001)−0.002** (0.000)
SOE density squared, t − 1−0.000 (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000** (0.000)0.000 (0.000)
MOE density, t − 1−0.001* (0.000)−0.001* (0.000)−0.001* (0.000)0.001* (0.0003)0.001** (0.000)0.001* (0.000)0.001** (0.000)0.001** (0.0001)0.007** (0.000)
MOE density squared, t − 10.000 (0.000)0.000 (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)−0.000** (0.000)
POE density, t − 1−0.0001** (0.000)−0.0001** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000 (0.000)−0.000* (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)
POE density squared, t − 10.000 (0.000)0.000* (0.000)0.000 (0.000)0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
SOE density × MOE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.001** (0.000)−0.000** (0.000)−0.000* (0.000)
MOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000* (0.000)0.000** (0.000)0.000** (0.000)
SOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
COE density, t − 10.001** (0.000)0.001** (0.000)0.000 (0.000)−0.0001 (0.0001)−0.0003 (0.0001)−0.0001 (0.0001)−0.0001** (0.000)−0.0001** (0.000)−0.000 (0.000)
FOE density, t − 1−0.001** (0.001)−0.001** (0.000)−0.001** (0.000)−0.0004* (0.0002)−0.0004* (0.0002)−0.0006** (0.0001)−0.0001** (0.000)−0.000* (0.000)−0.0001** (0.000)
PCI−0.007* (0.004)0.001* (0.0005)0.002** (0.000)
PCI × MOE density−0.001* (0.000)−0.000 (0.000)0.0001** (0.000)
Firm labor size−0.008* (0.004)−0.007 (0.005)−0.029** (0.004)−0.008 (0.005)−0.007 (0.005)−0.004 (0.004)0.018** (0.000)0.018** (0.0004)0.017** (0.000)
Firm economic size−0.039** (0.003)−0.039** (0.003)−0.003 (0.004)−0.007* (0.004)−0.005 (0.003)−0.012** (0.003)0.016** (0.000)0.016** (0.0002)0.018** (0.0002)
Debt ratio−0.004** (0.000)−0.004** (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000* (0.000)
Capital intensity−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)
Innovation intensity−0.001* (0.000)−0.001* (0.000)−0.000* (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000* (0.000)0.000* (0.000)0.000 (0.004)
Industry ROA0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Industry MES0.0003** (0.0001)0.0002** (0.000)0.000* (0.000)0.0002** (0.000)0.0002** (0.000)0.0001 (0.0001)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Population density−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
Location2.659** (0.147)3.071** (0.144)−0.548** (0.154)−0.071 (0.074)−0.088 (0.066)−0.088 (0.082)−0.257** (0.004)−0.267** (0.004)−0.282** (0.004)
Intercept−0.382** (0.056)−0.449** (0.055)0.013 (0.068)0.150** (0.048)0.123** (0.049)0.088 (0.061)−0.041** (0.003)−0.066** (0.003)−0.037** (0.005)
Observations41,50042,02922,42815,48215,48211,5181,567,3391,567,3391,347,616
Wald X2()X2(17) = 8707**X2(19) = 8141.4**X2(21) = 1462.7**X2(17) = 2747.2**X2(19) = 2790.8**X2(21) = 434.6**X2(17) = 86,211**X2(17) = 86,747.5**X2(21) = 21,055**
VariableSOE
MOE
POE
(1)(2)(3)(4)(5)(6)(7)(8)(9)
ROSt−1−0.015** (0.004)−0.013** (0.004)0.275** (0.009)−0.014* (0.007)−0.013** (0.007)0.183** (0.012)0.011** (0.001)0.013** (0.001)0.018** (0.001)
SOE density, t − 10.001** (0.000)0.001 (0.001)0.000* (0.000)0.001* (0.0003)0.004** (0.001)0.002* (0.001)−0.002** (0.000)−0.003** (0.0001)−0.002** (0.000)
SOE density squared, t − 1−0.000 (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000** (0.000)0.000 (0.000)
MOE density, t − 1−0.001* (0.000)−0.001* (0.000)−0.001* (0.000)0.001* (0.0003)0.001** (0.000)0.001* (0.000)0.001** (0.000)0.001** (0.0001)0.007** (0.000)
MOE density squared, t − 10.000 (0.000)0.000 (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)−0.000** (0.000)
POE density, t − 1−0.0001** (0.000)−0.0001** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000 (0.000)−0.000* (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)
POE density squared, t − 10.000 (0.000)0.000* (0.000)0.000 (0.000)0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
SOE density × MOE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.001** (0.000)−0.000** (0.000)−0.000* (0.000)
MOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000* (0.000)0.000** (0.000)0.000** (0.000)
SOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
COE density, t − 10.001** (0.000)0.001** (0.000)0.000 (0.000)−0.0001 (0.0001)−0.0003 (0.0001)−0.0001 (0.0001)−0.0001** (0.000)−0.0001** (0.000)−0.000 (0.000)
FOE density, t − 1−0.001** (0.001)−0.001** (0.000)−0.001** (0.000)−0.0004* (0.0002)−0.0004* (0.0002)−0.0006** (0.0001)−0.0001** (0.000)−0.000* (0.000)−0.0001** (0.000)
PCI−0.007* (0.004)0.001* (0.0005)0.002** (0.000)
PCI × MOE density−0.001* (0.000)−0.000 (0.000)0.0001** (0.000)
Firm labor size−0.008* (0.004)−0.007 (0.005)−0.029** (0.004)−0.008 (0.005)−0.007 (0.005)−0.004 (0.004)0.018** (0.000)0.018** (0.0004)0.017** (0.000)
Firm economic size−0.039** (0.003)−0.039** (0.003)−0.003 (0.004)−0.007* (0.004)−0.005 (0.003)−0.012** (0.003)0.016** (0.000)0.016** (0.0002)0.018** (0.0002)
Debt ratio−0.004** (0.000)−0.004** (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000* (0.000)
Capital intensity−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)
Innovation intensity−0.001* (0.000)−0.001* (0.000)−0.000* (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000* (0.000)0.000* (0.000)0.000 (0.004)
Industry ROA0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Industry MES0.0003** (0.0001)0.0002** (0.000)0.000* (0.000)0.0002** (0.000)0.0002** (0.000)0.0001 (0.0001)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Population density−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
Location2.659** (0.147)3.071** (0.144)−0.548** (0.154)−0.071 (0.074)−0.088 (0.066)−0.088 (0.082)−0.257** (0.004)−0.267** (0.004)−0.282** (0.004)
Intercept−0.382** (0.056)−0.449** (0.055)0.013 (0.068)0.150** (0.048)0.123** (0.049)0.088 (0.061)−0.041** (0.003)−0.066** (0.003)−0.037** (0.005)
Observations41,50042,02922,42815,48215,48211,5181,567,3391,567,3391,347,616
Wald X2()X2(17) = 8707**X2(19) = 8141.4**X2(21) = 1462.7**X2(17) = 2747.2**X2(19) = 2790.8**X2(21) = 434.6**X2(17) = 86,211**X2(17) = 86,747.5**X2(21) = 21,055**

Note: Robust standard errors are in parentheses. *Significant at 1% level. **Significant at 5% level.

Table 2.
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Generalized method of moments model of organizational forms and firm performance

VariableSOE
MOE
POE
(1)(2)(3)(4)(5)(6)(7)(8)(9)
ROSt−1−0.015** (0.004)−0.013** (0.004)0.275** (0.009)−0.014* (0.007)−0.013** (0.007)0.183** (0.012)0.011** (0.001)0.013** (0.001)0.018** (0.001)
SOE density, t − 10.001** (0.000)0.001 (0.001)0.000* (0.000)0.001* (0.0003)0.004** (0.001)0.002* (0.001)−0.002** (0.000)−0.003** (0.0001)−0.002** (0.000)
SOE density squared, t − 1−0.000 (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000** (0.000)0.000 (0.000)
MOE density, t − 1−0.001* (0.000)−0.001* (0.000)−0.001* (0.000)0.001* (0.0003)0.001** (0.000)0.001* (0.000)0.001** (0.000)0.001** (0.0001)0.007** (0.000)
MOE density squared, t − 10.000 (0.000)0.000 (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)−0.000** (0.000)
POE density, t − 1−0.0001** (0.000)−0.0001** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000 (0.000)−0.000* (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)
POE density squared, t − 10.000 (0.000)0.000* (0.000)0.000 (0.000)0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
SOE density × MOE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.001** (0.000)−0.000** (0.000)−0.000* (0.000)
MOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000* (0.000)0.000** (0.000)0.000** (0.000)
SOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
COE density, t − 10.001** (0.000)0.001** (0.000)0.000 (0.000)−0.0001 (0.0001)−0.0003 (0.0001)−0.0001 (0.0001)−0.0001** (0.000)−0.0001** (0.000)−0.000 (0.000)
FOE density, t − 1−0.001** (0.001)−0.001** (0.000)−0.001** (0.000)−0.0004* (0.0002)−0.0004* (0.0002)−0.0006** (0.0001)−0.0001** (0.000)−0.000* (0.000)−0.0001** (0.000)
PCI−0.007* (0.004)0.001* (0.0005)0.002** (0.000)
PCI × MOE density−0.001* (0.000)−0.000 (0.000)0.0001** (0.000)
Firm labor size−0.008* (0.004)−0.007 (0.005)−0.029** (0.004)−0.008 (0.005)−0.007 (0.005)−0.004 (0.004)0.018** (0.000)0.018** (0.0004)0.017** (0.000)
Firm economic size−0.039** (0.003)−0.039** (0.003)−0.003 (0.004)−0.007* (0.004)−0.005 (0.003)−0.012** (0.003)0.016** (0.000)0.016** (0.0002)0.018** (0.0002)
Debt ratio−0.004** (0.000)−0.004** (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000* (0.000)
Capital intensity−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)
Innovation intensity−0.001* (0.000)−0.001* (0.000)−0.000* (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000* (0.000)0.000* (0.000)0.000 (0.004)
Industry ROA0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Industry MES0.0003** (0.0001)0.0002** (0.000)0.000* (0.000)0.0002** (0.000)0.0002** (0.000)0.0001 (0.0001)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Population density−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
Location2.659** (0.147)3.071** (0.144)−0.548** (0.154)−0.071 (0.074)−0.088 (0.066)−0.088 (0.082)−0.257** (0.004)−0.267** (0.004)−0.282** (0.004)
Intercept−0.382** (0.056)−0.449** (0.055)0.013 (0.068)0.150** (0.048)0.123** (0.049)0.088 (0.061)−0.041** (0.003)−0.066** (0.003)−0.037** (0.005)
Observations41,50042,02922,42815,48215,48211,5181,567,3391,567,3391,347,616
Wald X2()X2(17) = 8707**X2(19) = 8141.4**X2(21) = 1462.7**X2(17) = 2747.2**X2(19) = 2790.8**X2(21) = 434.6**X2(17) = 86,211**X2(17) = 86,747.5**X2(21) = 21,055**
VariableSOE
MOE
POE
(1)(2)(3)(4)(5)(6)(7)(8)(9)
ROSt−1−0.015** (0.004)−0.013** (0.004)0.275** (0.009)−0.014* (0.007)−0.013** (0.007)0.183** (0.012)0.011** (0.001)0.013** (0.001)0.018** (0.001)
SOE density, t − 10.001** (0.000)0.001 (0.001)0.000* (0.000)0.001* (0.0003)0.004** (0.001)0.002* (0.001)−0.002** (0.000)−0.003** (0.0001)−0.002** (0.000)
SOE density squared, t − 1−0.000 (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000** (0.000)0.000 (0.000)
MOE density, t − 1−0.001* (0.000)−0.001* (0.000)−0.001* (0.000)0.001* (0.0003)0.001** (0.000)0.001* (0.000)0.001** (0.000)0.001** (0.0001)0.007** (0.000)
MOE density squared, t − 10.000 (0.000)0.000 (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)−0.000** (0.000)
POE density, t − 1−0.0001** (0.000)−0.0001** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000 (0.000)−0.000* (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)
POE density squared, t − 10.000 (0.000)0.000* (0.000)0.000 (0.000)0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
SOE density × MOE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.001** (0.000)−0.000** (0.000)−0.000* (0.000)
MOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000* (0.000)0.000** (0.000)0.000** (0.000)
SOE density × POE density−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
COE density, t − 10.001** (0.000)0.001** (0.000)0.000 (0.000)−0.0001 (0.0001)−0.0003 (0.0001)−0.0001 (0.0001)−0.0001** (0.000)−0.0001** (0.000)−0.000 (0.000)
FOE density, t − 1−0.001** (0.001)−0.001** (0.000)−0.001** (0.000)−0.0004* (0.0002)−0.0004* (0.0002)−0.0006** (0.0001)−0.0001** (0.000)−0.000* (0.000)−0.0001** (0.000)
PCI−0.007* (0.004)0.001* (0.0005)0.002** (0.000)
PCI × MOE density−0.001* (0.000)−0.000 (0.000)0.0001** (0.000)
Firm labor size−0.008* (0.004)−0.007 (0.005)−0.029** (0.004)−0.008 (0.005)−0.007 (0.005)−0.004 (0.004)0.018** (0.000)0.018** (0.0004)0.017** (0.000)
Firm economic size−0.039** (0.003)−0.039** (0.003)−0.003 (0.004)−0.007* (0.004)−0.005 (0.003)−0.012** (0.003)0.016** (0.000)0.016** (0.0002)0.018** (0.0002)
Debt ratio−0.004** (0.000)−0.004** (0.000)−0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)0.000* (0.000)
Capital intensity−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)
Innovation intensity−0.001* (0.000)−0.001* (0.000)−0.000* (0.000)−0.000 (0.000)−0.000** (0.000)−0.000* (0.000)0.000* (0.000)0.000* (0.000)0.000 (0.004)
Industry ROA0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000 (0.000)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Industry MES0.0003** (0.0001)0.0002** (0.000)0.000* (0.000)0.0002** (0.000)0.0002** (0.000)0.0001 (0.0001)0.000** (0.000)0.000** (0.000)0.000** (0.000)
Population density−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000* (0.000)−0.000** (0.000)−0.000** (0.000)−0.000** (0.000)
Location2.659** (0.147)3.071** (0.144)−0.548** (0.154)−0.071 (0.074)−0.088 (0.066)−0.088 (0.082)−0.257** (0.004)−0.267** (0.004)−0.282** (0.004)
Intercept−0.382** (0.056)−0.449** (0.055)0.013 (0.068)0.150** (0.048)0.123** (0.049)0.088 (0.061)−0.041** (0.003)−0.066** (0.003)−0.037** (0.005)
Observations41,50042,02922,42815,48215,48211,5181,567,3391,567,3391,347,616
Wald X2()X2(17) = 8707**X2(19) = 8141.4**X2(21) = 1462.7**X2(17) = 2747.2**X2(19) = 2790.8**X2(21) = 434.6**X2(17) = 86,211**X2(17) = 86,747.5**X2(21) = 21,055**

Note: Robust standard errors are in parentheses. *Significant at 1% level. **Significant at 5% level.

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