China Policy Journal Volume 1, Number 1, Fall 2018 | Page 129

China Policy Journal
Firm age (years) 0.36* −0.21** −0.12** 0.00 (0.08) 0.00
Industry (base = mining)
(0.21) (0.10) (0.05) 0.00 (0.13) 0.00
Food and
beverages 41.43 18.64 17.37 −0.26*** 4.98 −0.32***
(84.23) (16.99) (10.80) (0.03) (7.14) (0.07)
Textiles and
leather −57.54 11.97 25.70* −0.19** 3.85 −0.30***
(48.65) (9.28) (14.86) (0.08) (3.96) (0.06)
Pulp and paper −39.94 47.03** 95.62 −0.26*** 3.27 −0.33***
(69.45) (19.59) (72.80) (0.04) (3.70) (0.07)
Chemicals −18.07 27.17 86.95** −0.15** 8.61* −0.26***
(55.47) (18.02) (43.88) (0.07) (4.93) (0.07)
Medical −28.76 7.18 46.21** −0.28*** 2.59 −0.33***
Fiber, rubber
(50.67) (8.67) (18.42) (0.02) (3.73) (0.06)
and −33.66 19.83 9.34 −0.26*** 20 −0.33***
plastic (65.93) (26.68) (15.45) (0.04) (12.85) (0.07)
Smelting (52.41) 4.56 11.52 −0.29*** 0.81 −0.33***
(66.49) (12.51) (14.89) (0.03) (5.51) (0.07)
Machinery (100.65) 11.87 12.53** −0.28*** 0.50 −0.33***
manufacture (89.26) (11.87) (6.02) (0.02) (1.63) (0.06)
Utilities 145.69* 5.53 13.66 −0.12*** 33.50 −0.27***
(74.49) (16.52) (39.68) (0.03) (35.80) (0.08)
Transportation (58.63) 20.67* (2.78) −0.30*** (1.72) −0.32***
(67.32) (11.46) (8.49) (0.06) (3.95) (0.08)
Others −24.54 9.74 12.69 −0.24*** 1.12 −0.31***
(25.03) (16.18) (8.75) (0.04) (3.19) (0.06)
Time trend 13.04 1.67 2.46 0.00 3.28 0.00
(8.84) (2.50) (6.27) (0.02) (4.18) (0.01)
Constant 377.03*** (0.18) 2.11 0.43*** 18.97*** 0.36***
−107.85 −20.45 −34.02 −0.08 −6.75 −0.07
No. of obs 1,320 1,128 1,296 1,158 1,229 1,104
within R 2 0.15 0.61 0.73 0.99 0.49 0.82
between R 2 0.16 0.52 0.84 0.97 0.33 0.61
overall R 2 0.14 0.39 0.77 0.99 0.33 0.62
Breusch and Pagan Lagrangian Multiplier test for random effects
Test statistics: χ 2 (1) 0.04 0.19 0.05 75.13*** 5.27** 21.68***
Numbers in parentheses are standard errors of the estimated coefficients. ***, **, and * represent significance
at the 1%, 5%, and 10% levels, respectively.
126