The negative sign of the entertainment expense ratio in Model 1 for both years is inter
esting, implying that the higher the entertainment expense ratio, the poorer the profitability.
We interpret this as follows: the Chinese firms have spent too much money on entertainment
to a point that it is detrimental to the financial performance of the firm. Such spending behav
ior is typical in China as a means of developing relationships with government officials,
Table 4. Regression of ROA on social, financing, and human capital variables.
Panel A. The following table reports the regression analysis on the 2002 survey data (full sample, and the largeand
small sub-samples) and the 2000 survey data.
Model 3
Model 1 Model 2 2000 Survey
websphere6.1启动报错,启动期间发生错误ws-server-components.xml2002 2000 2002 2000 All Large Small 2002
Survey Survey Survey Survey Firms Firms Firms Survey
Intercept 0.196
∗∗
0.203
∗∗
0.042 0.116
∗∗
0.168
∗
0.004 −0.248 0.216
∗∗
(4.23)(7.68)(0.66)(3.74)(1.93)(0.05)(−1.56)(4.21)
ENTP −0.272
∗∗ −0.143
∗∗ −0.256
∗∗ −0.134
∗∗ −0.266
∗∗ −0.203
∗∗ −0.379
∗∗ −0.153
∗∗
(−4.99)(−4.61)(−4.71)(−4.42)(−5.07)(−5.41)(−4.18)(−4.28)
CHAPA 0.375
∗∗
0.378
∗∗
0.363
∗∗
0.339
∗∗
0.322
∗∗
0.083
∗∗
1.034
∗∗
0.476
∗∗
(5.51)(2.64)(5.35)(2.41)(5.49)(2.56)(6.61)(1.97)
ETC 0.160
∗∗
0.107
∗∗
0.154
∗∗
0.015 0.0257
∗∗
0.088
∗∗
(3.49)(4.02)(3.47)(0.54)(2.94)(2.98)
MPE −0.009 0.016 −0.031 0.286
∗∗
(−0.24)(0.25)(−0.69)(3.39)
MPI −0.011 −0.003 −0.029 −0.012
(−0.36)(−0.14)(−0.54)(−0.46)
AGEE −0.003
∗∗ −0.002
∗ −0.003 −0.003
∗∗
(−2.60)(−1.75)(−1.40)(−3.67)
AGEC −0.002 −0.003
∗∗ −0.003 −0.003
∗∗ −0.002 −0.002 −0.003 −0.002
(−0.93)(−2.164)(−1.12)(−2.64)(−0.64)(−1.10)(−0.65)(−1.41)
LSALES 0.005 −0.008
∗∗
0.010 −0.006
∗
0.014 0.028
∗∗
0.091
∗∗ −0.003
(0.84)(−2.26)(1.54)(−1.67)(2.16
∗∗
)(5.13)(6.57)(−0.76)
Obs. 1,503 955 1,503 955 1,165 614 551 711
Ftest 14.51
∗∗
库存管理系统用java开发下来的价位、开发周期大概是多少9.40
∗∗
14.13
∗∗
11.07
∗∗
10.65
∗∗
10.68
∗∗
14.42
∗∗
11.10
∗∗
R
2
3.73% 3.81% 4.51% 5.51% 6.86% 12.37% 17.55% 11.23%
Adj. R
2
3.47% 3.40% 4.19% 5.01% 6.22% 11.22% 16.33% 10.22%
Note:Thet-statistics in parentheses are computed using White’s heteroskedasticity-consistent variance-covariance
estimator.
∗∗
Significant at 5 percent;
∗
Significant at 10 percent.
The dependent variable is the Return on Assets (ROA=Net Income/Total Assets). ENTP is the entertainment
expenditure as a percentage of net income in 2001; CHAPA is the entrepreneur’s charitable contributions up to
2001 as a percentage of total 本文来自!辣~文^文#网*原文请找腾讯@324.9114 in 2001; MPI is the proportion of investors who are also managers;
AGEE is the age of the entrepreneur at the time of the survey, computed as (2002 entrepreneur birth year); AGEC
is the age of the company at the time of the survey, computed as (2002 company founding year); LSALES is the
log of sales revenue in 2001.
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