An Empirical Study of Strategic Positioning and Production Efficiency

Table 3

Strategic positioning and production efficiency ( = 33,499). OLS regressions in the 2nd stage of 2-stage DEA analysis. Dependent variable: production efficiency.

	Panel A			Panel B			Panel C
	Coefficient estimate	-stat	value	Coefficient estimate	-stat	value	Coefficient estimate	-stat	value
Intercept	−0.0106	−1.26	0.2095	−0.0114	−1.37	0.1704	−0.0121	−1.46	0.1442
CL	0.0099	4.71	0.0000				0.0056	2.67	0.0076
Diff				−0.0378	−10.30	0.0000	−0.0368	−10.10	0.0000
Size	0.0408	27.32	0.0000	0.0405	28.29	0.0000	0.0411	28.08	0.0000
ROA	0.1890	25.97	0.0000	0.1940	27.07	0.0000	0.1921	26.78	0.0000
Age	0.0008	6.44	0.0000	0.0006	5.32	0.0000	0.0006	5.02	0.0000
Competition	5.1546	3.05	0.0023	5.0460	3.03	0.0025	4.9718	3.02	0.0026
	Industry dummies included			Industry dummies included			Industry dummies included
	Year dummies included			Year dummies included			Year dummies included
Adjusted	0.7594			0.7693			0.7697
Total Obs	33499			33499			33499

See the appendix for variable definitions.