Table 3 Regression results
From: High ownership concentration and exporting of emerging market firms: evidence from Peru
Model # | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|
Number of top owners | Top 1 | Top 2 | Top 3 | Top 1 | Top 2 | Top 3 | Top 1 | Top 2 | Top 3 |
Measure of “export country diversification” | – | – | – | Herfindahl | Herfindahl | Herfindahl | Entropy | Entropy | Entropy |
Constant | 101.491*** | 104.362*** | 107.610*** | 97.296*** | 101.158*** | 105.007*** | 92.754*** | 96.231*** | 100.375*** |
(18.032) | (18.270) | (18.486) | (17.925) | (18.123) | (18.314) | (17.381) | (17.563) | (17.826) | |
ROA | 0.153*** | 0.152*** | 0.107* | 0.126** | 0.125** | 0.081 | 0.107** | 0.104* | 0.066 |
(0.052) | (0.053) | (0.055) | (0.053) | (0.054) | (0.056) | (0.053) | (0.053) | (0.055) | |
Solvency ratio | −0.152*** | −0.161*** | −0.128*** | −0.141*** | −0.151*** | −0.115** | −0.137*** | −0.146*** | −0.112** |
(0.048) | (0.049) | (0.048) | (0.048) | (0.048) | (0.048) | (0.048) | (0.048) | (0.048) | |
Experience | −0.146 | −0.124 | −0.130 | −0.164 | −0.141 | −0.148 | −0.174 | −0.152 | −0.156 |
(0.111) | (0.111) | (0.111) | (0.110) | (0.109) | (0.109) | (0.106) | (0.105) | (0.106) | |
Size | −0.012 | −0.014 | −0.016 | −0.012 | −0.014 | −0.016 | −0.012 | −0.014 | −0.016 |
(0.066) | (0.066) | (0.066) | (0.065) | (0.065) | (0.065) | (0.063) | (0.063) | (0.063) | |
Sales | −0.018*** | −0.018*** | −0.018*** | −0.016*** | −0.017*** | −0.016*** | −0.015*** | −0.015*** | −0.015*** |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
Institutional Distance | −0.021 | −0.037 | −0.002 | 0.008 | −0.012 | 0.021 | 0.016 | −0.005 | 0.024 |
(0.099) | (0.100) | (0.098) | (0.099) | (0.100) | (0.098) | (0.098) | (0.100) | (0.098) | |
H1: Ownership concentration | −11.103*** | −9.067** | −13.054*** | −11.597*** | −9.366** | −13.727*** | −11.390*** | −8.997** | −13.127*** |
(3.567) | (4.102) | (4.605) | (3.544) | (4.067) | (4.561) | (3.550) | (4.044) | (4.532) | |
Export country diversification | 5.093** | 3.064 | 2.267 | 4.487*** | 3.704*** | 3.048** | |||
(2.455) | (2.741) | (2.929) | (1.240) | (1.402) | (1.494) | ||||
H2: Ownership concentration × Export country diversification | −15.993** | −14.408* | −15.539** | −7.353** | −6.224* | −6.679* | |||
(7.703) | (7.744) | (7.510) | (3.600) | (3.598) | (3.493) | ||||
Industry dummy variables | Included | Included | Included | Included | Included | Included | Included | Included | Included |
Year dummy variables | Included | Included | Included | Included | Included | Included | Included | Included | Included |
Likelihood ratio chi-square | 104.61*** | 99.30*** | 90.47*** | 115.49*** | 109.53*** | 102.37*** | 129.90*** | 124.11*** | 114.89*** |