Table 3. Correlation matrix.
NI (Net Income) ROA (Return on Assets)
2002 Data 2000 Data 2002 Data 2000 Data
AGEE (Age of entrepreneur) −0.044
∗∗ −0.033 −0.064
∗∗ −0.118
∗∗
Education (College degree or higher) 0.121
∗∗
0.128
∗∗
0.037
∗
0.004
Entrepreneur’s own investments as a percentage
of investments
−0.115
∗∗ −0.014 0.003 0.007
Number of employees 0.339
∗∗
0.535
∗∗ −0.023 −0.066
∗∗
MPE (=No. of managers/No. of employees) −0.008 −0.061
∗∗ −0.005 0.118
∗∗
MPI (=No. of investors in management/No. of
investors)
−0.052
∗∗ −0.005 0.003 −0.005
AGEC (Age of company) 0.020 0.050
∗ −0.022 −0.045
SM (Have stockholder meeting?) 0.138
∗∗
0.064
∗∗
0.012 −0.018
BD (Have board of directors?) 0.172
∗∗
0.156
∗∗ −0.022 −0.042
Total assets 0.519
∗∗
0.756
∗∗ −0.061
∗∗ −0.100
∗∗
Sales revenue 0.668
∗∗
0.621
∗∗
html文本翻书效果的数据处理0.019 −0.045
∗
Tax expense 0.765
∗∗
0.564
∗∗
0.067
∗∗ −0.038
NI (Net income) 1.000
∗∗
1.000
∗∗
0.169
∗∗
0.084
∗∗
Profit margin (=NI/Sales) 0.106
∗∗
0.104
∗∗
0.302
∗∗
0.469
∗∗
Dividend payout ratio −0.019 0.046
∗ −0.020 −0.067
∗∗
Entertainment expense/Net income −0.179
∗∗ −0.120
∗∗ −0.121
∗∗ −0.082
∗∗
CHAPA (Entrepreneur’s charitable
contributions/Assets)
−0.007 −0.035 0.089
∗∗
0.104
∗∗
Equity to total capital (ETC=equity/Total
capital)
−0.035 −0.043 0.094
∗∗
水电站副厂房楼盖结构设计钢筋混凝土单向板肋形结构0.156
∗∗
Debt to total capital (DTC=Total debt/Total
capital)
0.035 0.043 −0.094
∗∗ −0.156
∗∗
Bank loan to debt (LTD=Bank loan/Total debt) 0.163
∗∗
0.025 0.013 0.049
∗∗
Significant at 5 percent;
∗
Significant at 10 percent.
dummy and board of directors dummy are significantly related to net income but are not
relatedtoreturnonassets.
The result suggests that some of the correlations with net income may be spurious
due to lack of 本文来自!辣~文^文#网*原文请找腾讯@3249.114 . Therefore, we use the return on assets (ROA=Net
income/Total assets) as a standardized financial performance measure in our regression
analysis. The results in Table 3 will serve as a screening device to select the appropriate
variables for the regression analysis.
Table 4 shows three sets of regression results for different models linking various mea
sures of capital (social, financing and human capital) to firm performance for 2000 and
2002 surveys. Model 1 shows the effects of social capital on the financial performance of
the Chinese firms for the two years. We use age and log sales of the enterprise as the control
variables in the regression analyses. Social capital includes the entertainment expense ratio
(ENTP: Entertainment Expense/Net Income) and the entrepreneur’s cumulative charitable
contributions (CHAPA: Cumulative Charitable Contribution/Total Assets). The charitable
contribution variable measures the cumulative long-term effects of social networking on
firm performance as social networking takes time.
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