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

Table 6

Robustness tests.

	Substitution of explanatory variables			Heckman two-stage		PSM without playback
	(1)	(2)	(3)	(4)	(5)	(6)
	ROAt+1	ROEt+1	Tobint+1	FSSC	ROA	ROA
FSSC	1.048	2.181	0.352		0.633	1.149
	(3.74)	(3.86)	(4.11)		(2.77)	(4.02)
Size	0.475	1.009	−0.474	0.397	−0.223	0.616
	(7.70)	(8.47)	(−29.24)	(15.52)	(−0.18)	(5.38)
Lev	−8.515	−3.035	−2.746	−0.904	−8.650	−9.892
	(−20.60)	(−4.03)	(−28.49)	(−6.31)	(−2.81)	(−8.75)
Growth	0.766	1.573	0.213	−0.036	1.447	0.974
	(7.25)	(7.35)	(7.43)	(−0.76)	(15.34)	(3.68)
FmAge	0.037	0.047	0.006	0.019	−0.043	−0.016
	(4.36)	(3.00)	(2.15)	(4.75)	(−0.81)	(−0.63)
Soe	−0.865	−1.793	−0.314	−0.303	−0.131	0.267
	(−7.90)	(−8.31)	(−10.18)	(−5.27)	(−0.14)	(0.78)
Top1	0.025	0.044	0.005	0.002	0.020	0.015
	(8.93)	(8.24)	(5.43)	(1.51)	(2.57)	(1.50)
Ind	−2.208	−5.373	1.527	1.117	−5.789	−1.776
	(−2.73)	(−3.33)	(5.53)	(2.44)	(−1.87)	(−0.74)
Dual	0.051	0.187	0.130	−0.062	0.199	−0.423
	(0.50)	(0.98)	(3.54)	(−0.97)	(1.09)	(−1.12)
Board	0.308	−0.022	0.105	0.077	0.097	0.227
	(1.34)	(−0.05)	(1.39)	(0.57)	(0.32)	(0.31)
Pcm	9.949	16.006	1.198	−0.222	7.704	24.023
	(5.76)	(5.80)	(5.17)	(−3.36)	(2.38)	(10.08)
Sons				0.001
				(2.12)
IMR					−2.910
					(−0.89)
_Cons	−4.195	−13.631	12.932	−11.303	21.181	−7.507
	(−3.50)	(−5.73)	(36.34)	(−19.15)	(0.59)	(−2.75)
N	12152	12149	12152	13994	13993	805
Adj. R^2	0.267	0.161	0.479		0.325	0.482
F	82.147	34.886	211.508		118.255	7.14

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