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

Table 8

Path mechanisms of financial shared services to empower the real economy (II).

		(1)		(2)		(3)		(4)		(5)		(6)		(7)		(8)		(9)
				ROA		ROA		ROA		ROA		ROA		ROA		ROA		ROA		ROA
Cost		−8.946
				(−7.84)
TATR				2.750
						(16.58)
CATR						0.703
								(10.50)
ARTR								0.001
										(2.92)
APTR										0.003
												(0.67)
ITD												−0.001
														(−5.18)
Bcycle													−0.001
													(−7.35)
Cash															−0.001
															(−7.60)
Tfp																	0.734
																	(22.83)
FSSC	0.428		0.195		0.495		0.781		0.685		0.618		0.609		0.595		0.198
	(1.92)		(0.92)		(2.17)		(3.56)		(3.09)		(2.85)		(2.80)		(2.72)		(0.92)
Size	0.808		0.800		0.743		0.646		0.698		0.687		0.675		0.681		0.623
	(13.06)		(9.13)		(8.28)		(8.84)		(9.89)		(9.44)		(9.25)		(9.41)		(6.99)
Lev	−8.250		−11.723		−11.129		−9.739		−9.922		−9.843		−9.765		−9.881		−11.096
	(−33.33)		(−20.59)		(−19.57)		(−18.24)		(−21.79)		(−20.92)		(−21.18)		(−21.93)		(−18.98)
Growth	1.379		1.058		1.259		1.199		1.243		1.163		1.186		1.187		1.234
	(13.70)		(7.35)		(9.16)		(10.57)		(11.76)		(10.78)		(11.00)		(11.06)		(9.40)
FmAge	0.011		0.007		0.003		0.028		0.016		0.021		0.016		0.018		0.012
	(1.45)		(0.88)		(0.41)		(3.79)		(1.98)		(2.47)		(1.94)		(2.09)		(1.46)
Soe	−0.616		−1.018		−0.973		−0.752		−0.811		−0.820		−0.842		−0.852		−0.899
	(−7.32)		(−10.24)		(−9.66)		(−7.03)		(−7.89)		(−8.09)		(−8.46)		(−8.55)		(−8.76)
Top1	0.026		0.016		0.021		0.021		0.023		0.024		0.023		0.023		0.022
	(10.79)		(5.87)		(7.81)		(8.81)		(9.40)		(9.64)		(9.36)		(9.46)		(8.55)
Ind	−3.535		−2.214		−2.727		−2.500		−2.619		−2.689		−2.445		−2.511		−2.341
	(−5.04)		(−3.18)		(−3.86)		(−3.75)		(−3.81)		(−3.94)		(−3.56)		(−3.65)		(−3.37)
Dual	−0.089		0.097		0.087		−0.016		0.018		0.051		0.061		0.063		0.005
	(−1.06)		(1.16)		(1.02)		(−0.20)		(0.22)		(0.62)		(0.74)		(0.77)		(0.06)
Board	0.181		0.306		0.246		0.348		0.317		0.293		0.235		0.227		0.488
	(0.92)		(1.60)		(1.25)		(1.74)		(1.62)		(1.51)		(1.21)		(1.17)		(2.53)
Pcm	4.674		7.895		7.669		14.068		11.384		11.645		11.560		11.552		7.337
	(2.24)		(2.69)		(2.72)		(5.75)		(4.88)		(4.71)		(4.86)		(4.88)		(2.63)
_Cons	−3.345		−11.019		−9.125		−8.248		−8.567		−8.035		−7.611		−7.701		−5.721
	(−3.41)		(−8.27)		(−6.49)		(−6.49)		(−7.12)		(−6.24)		(−5.92)		(−6.03)		(−4.02)
Intermediary effect	0.177		0.411		0.111		0.010		−0.007		0.067		0.078		0.083		0.408
Direct effect	0.428		0.195		0.495		0.781		0.685		0.618		0.609		0.595		0.198
Total effect	0.605		0.606		0.606		0.791		0.768		0.685		0.687		0.678		0.606
N	14865		14854		14855		14103		14838		14725		14859		14833		14855
Adj. R^2	0.386		0.378		0.345		0.405		0.373		0.377		0.380		0.380		0.368
F	175.734		152.539		136.873		147.382		136.412		135.526		139.136		139.893		150.978

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