An Empirical Study of Strategic Positioning and Production Efficiency

Table 4

Strategic positioning and production efficiency ( = 33,499). Tobit 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	−0.0112	−3.04	0.0024	−0.012	−3.33	0.0009	−0.0128	−3.53	0.0004
CL	0.00987	12.8	<0.0001				0.00556	7.29	<0.0001
Diff				−0.0377	−40.1	<0.0001	−0.0367	−38.63	<0.0001
Size	0.04102	109.4	<0.0001	0.04063	113.83	<0.0001	0.04126	112.46	<0.0001
ROA	0.18929	44.26	<0.0001	0.1943	46.48	<0.0001	0.19236	45.97	<0.0001
Age	0.00076	16.47	<0.0001	0.00061	13.6	<0.0001	0.00058	12.82	<0.0001
Competition	5.15574	32.89	<0.0001	5.04723	32.94	<0.0001	4.97243	32.41	<0.0001
	Industry dummies included			Industry dummies included			Industry dummies included
	Year dummies included			Year dummies included			Year dummies included
Log likelihood	27461			26758			27487
Total Obs	33499			33499			33499

See the appendix for variable definitions.