Financial Shared Services Empower the Real Economy: The Evidence from China

Table 5

Impact of financial shared services on the real economy.

	(1)	(2)	(3)
	ROA	ROE	Tobin
FSSC	0.605	1.387	0.242
	(2.66)	(3.14)	(3.34)
Size	0.802	1.587	−0.458
	(9.58)	(10.31)	(−26.17)
Lev	−10.705	−6.732	−2.902
	(−18.43)	(−6.39)	(−27.87)
Growth	1.395	2.911	0.349
	(10.90)	(12.43)	(9.52)
FmAge	0.011	0.030	−0.001
	(1.31)	(2.01)	(−0.21)
Soe	−0.892	−1.783	−0.319
	(−8.58)	(−8.77)	(−10.90)
Top1	0.025	0.046	0.004
	(9.69)	(9.29)	(4.60)
Ind	−2.803	−6.686	1.790
	(−3.93)	(−4.70)	(6.65)
Dual	0.044	0.090	0.140
	(0.50)	(0.55)	(4.13)
Board	0.334	−0.106	0.147
	(1.68)	(−0.26)	(1.99)
Pcm	7.463	12.675	0.913
	(2.75)	(2.71)	(2.77)
_Cons	−9.879	−24.281	11.509
	(−7.34)	(−9.48)	(32.76)
N	14865	14865	14865
Adj. R^2	0.330	0.216	0.484
F	132.414	54.597	259.252

T values are in brackets; ^∗∗∗, ^∗∗ and ^∗ indicate p < 0.001, p < 0.01 and p < 0.05, respectively.