Financial Shared Services Empower the Real Economy: The Evidence from China
Table 9
Further studies.
Number of subsidiaries
Revenue size
Labor-intensive
More
Less
Big
Small
High
Low
(1)
(2)
(3)
(4)
(5)
(6)
ROA
ROA
ROA
ROA
ROA
ROA
FSSC
0.878
0.135
1.039
−0.063
0.806
0.055
(3.60)
(0.29)
(5.00)
(−0.10)
(3.02)
(0.13)
Size
0.608
0.974
−0.010
0.388
0.619
0.836
(6.23)
(6.90)
(−0.19)
(2.31)
(4.68)
(6.05)
Lev
−10.414
−10.638
−10.515
−9.110
−11.386
−9.336
(−12.16)
(−15.13)
(−33.18)
(−17.68)
(−10.65)
(−16.55)
Growth
1.262
1.444
1.056
1.450
1.500
1.286
(8.64)
(8.45)
(11.14)
(8.54)
(7.73)
(9.13)
FmAge
0.041
−0.027
0.024
−0.038
0.012
0.001
(4.80)
(−1.95)
(3.19)
(−2.76)
(1.22)
(0.09)
Soe
−0.682
−1.082
−0.576
−0.674
−0.909
−0.670
(−4.37)
(−7.02)
(−5.99)
(−4.54)
(−4.87)
(−5.12)
Top1
0.020
0.031
0.014
0.032
0.019
0.028
(6.55)
(7.55)
(5.11)
(7.61)
(5.24)
(7.24)
Ind
−2.532
−2.486
−1.523
−3.010
−1.396
−3.570
(−3.03)
(−2.11)
(−2.01)
(−2.58)
(−1.62)
(−3.11)
Dual
0.303
−0.223
0.193
−0.023
−0.026
0.124
(2.53)
(−1.82)
(1.76)
(−0.19)
(−0.22)
(1.00)
Board
−0.293
1.228
−0.428
0.787
−0.243
0.866
(−1.21)
(3.67)
(−1.96)
(2.26)
(−0.90)
(2.72)
Pcm
12.248
5.868
23.804
5.173
13.042
5.557
(2.98)
(2.14)
(35.42)
(2.37)
(2.43)
(2.14)
_Cons
−5.381
−15.160
8.094
−2.679
−5.764
−11.327
(−3.60)
(−5.55)
(7.15)
(−0.82)
(−2.58)
(−4.49)
N
7916
6953
7907
6962
7819
7050
Adj. R2
0.404
0.293
0.547
0.281
0.416
0.282
F
100.490
51.276
160.164
52.429
102.420
56.333
Note. Labor-intensity indicator is obtained by referring to the study of Lu et al. [28], using the logarithm of the number of employees/logarithm of main business revenue; in the grouping of number of subsidiaries, revenue size, and labor intensity, they are grouped according to the sub-year and sub-industry medians of the number of subsidiaries, main business revenue, free cash flow, and labor intensity of listed companies, respectively. T values are in brackets; ∗∗∗, ∗∗ and ∗ indicate p < 0.001, p < 0.01 and p < 0.05, respectively.
