Table 3.
Regression analysis results.
| Variables | AT | ROA | LN(Y/L) | ||||
|---|---|---|---|---|---|---|---|
| Model1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | |
| DI | 0.059** (2.153) | 0.062** (2.285) | 0.057** (2.279) | 0.058** (2.328) | 0.032** (2.018) | ||
| II | 0.070** (2.561) | 0.073*** (2.675) | 0.038 (1.504) | 0.040 (1.578) | 0.021** (1.965) | ||
| DI*II | −0.058*** (3.250) | ||||||
| LN(M/L) | 0.936*** (138.500) | ||||||
| LN(K/L) | 0.003 (0.499) | ||||||
| SIZE | −0.144*** (−4.447) | −0.144*** (−4.465) | −0.155*** (−4.760) | 0.175*** (22.354) | |||
| AGE | −0.018 (−0.651) | −0.011 (−0.038) | −0.014 (−0.478) | 0.011 (0.414) | 0.016 (0.604) | 0.014 (0.533) | 0.034*** (5.058) |
| LEVEL | −0.036 (−1.111) | −0.038 (−1.187) | −0.036 (−1.112) | −0.404*** (−15.938) | −0.404 (−15.891) | −0.407*** (−16.023) | −0.062*** (−7.999) |
| ∑YEAR | control | control | control | control | control | control | control |
| Constant | 1.445*** (7.834) | 1.389*** (7.532) | 1.413*** (7.663) | 0.079*** (11.444) | 0.077*** (10.112) | 0.073*** (9.474) | −0.649*** (−5.439) |
| Observations | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 |
| F | 6.870*** | 7.120*** | 6.929*** | 38.187*** | 37.686*** | 33.762*** | 1981.668*** |
| Adj. R2 | 0.034 | 0.035 | 0.038 | 0.163 | 0.161 | 0.164 | 0.947 |
DI, direct involvement; II, indirect involvement; DI*II, the interactive effect of direct involvement and indirect involvement; LN(M/L), the natural logarithm of intermediate material input; LN(K/L), the natural logarithm of the capital-labor ratio; SIZE, size of the company; AGE, age of the company; LEVEL, financial leverage; AT, total asset turnover rate; ROA, return on total assets; LN(Y/L), the logarithm of labor productivity.
The numbers in parentheses are t-test values.
**
p<0.01 and
***
p<0.001.