Table 4.
Role of BG size
| GPM is the dependent variable | Model 1 | ||
|---|---|---|---|
| Coef. | St. Error | ||
| Small BG affiliation | -0.002 | *** | 0.000 |
| Large BG affiliation | -0.003 | *** | 0.000 |
| SME | -0.001 | * | 0.000 |
| Lagged HR slack | 0.029 | 0.020 | |
| Lagged HR slack² | -0.008 | *** | 0.002 |
| Small BG affiliation * Lagged HR slack | -0.008 | 0.029 | |
| Small BG affiliation * Lagged HR slack² | 0.007 | *** | 0.003 |
| Large BG affiliation * Lagged HR slack | -0.038 | * | 0.023 |
| Large BG affiliation * Lagged HR slack² | 0.008 | *** | 0.002 |
| Lagged GPM | 0.882 | *** | 0.002 |
| Lagged Age | 0.001 | *** | 0.000 |
| Lagged Tangibility | 0.002 | *** | 0.000 |
| Lagged Financial slack | 0.004 | *** | 0.001 |
| Lagged Financial slack² | 0.007 | ** | 0.003 |
| Lagged Recoverable slack | -0.013 | *** | 0.001 |
| Lagged Recoverable slack² | -0.005 | ** | 0.003 |
| Lagged Potential slack | 0.010 | *** | 0.001 |
| Lagged Potential slack² | 0.009 | ** | 0.004 |
| Lagged Mean industry GPM | 0.115 | *** | 0.002 |
| Lagged Number of competitors | 0.000 | 0.000 | |
| Lagged Mean size of competitors | 0.000 | 0.000 | |
| Lagged Industry complexity | 0.001 | 0.001 | |
| Constant | -0.003 | 0.002 | |
| Industry, year, and regional fixed effects | YES | ||
| Number of observations | 425,246 | ||
| R² | 0.901 | ||
| F statistics | 5676.76 | *** | |
Standard errors are robust and clustered at the firm-level. ***, **, and * denote statistical significance at the 0.01, 0.05, and 0.1 levels respectively.