Table 3.
Heterogeneity analysis of supply chain types.
| — | Phase 1 | Phase 2 | ||
|---|---|---|---|---|
| — | Led by core enterprises | Dominated by third-party financial institutions | Led by core enterprises | Dominated by third-party financial institutions |
| Ingroup × Inyear | 0.2472 (0.1995) | −0.0315 (0.3255) | 0.2083∗∗ (0.0844) | 0.0688 (0.0718) |
| Constant term | 0.4894 (0.7776) | 1.5079 (1.2532) | 0.6260∗ (0.3332) | 0.4549∗ (0.2472) |
| Controli | Yes | Yes | Yes | Yes |
| Province effect | Yes | Yes | Yes | Yes |
| N | 255 | 122 | 183 | 83 |
| PseudoR2 | 0.0293 | 0.1201 | 0.2616 | 0.3942 |