Table 3 The impact of cultural inclusiveness on firm performance.
From: Regional cultural inclusiveness and firm performance in China
(1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
Dependent-variable | ROE | ROE | ROE | ROE | ROE | ROE |
Inclu | 0.015*** | 0.008*** | 0.025*** | |||
(6.125) | (3.352) | (6.916) | ||||
Inclu_alter | 0.014*** | 0.014*** | 0.025*** | |||
(3.398) | (3.376) | (5.613) | ||||
Constant | −0.356*** | −0.533*** | −0.514*** | −0.360*** | −0.544*** | −0.811*** |
(−18.296) | (−23.224) | (−4.227) | (−18.381) | (−23.535) | (−6.437) | |
Firm-cont. | Yes | Yes | Yes | Yes | Yes | Yes |
Gov-cont. | No | Yes | Yes | No | Yes | Yes |
Reg-cont. | No | No | Yes | No | No | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes |
Ind FE | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 12466 | 12466 | 12466 | 12466 | 12466 | 12466 |
R-squared | 0.147 | 0.173 | 0.177 | 0.145 | 0.173 | 0.175 |
