Table 6 The impact of cultural inclusiveness on firm performance (substitution of variables).
From: Regional cultural inclusiveness and firm performance in China
(1) | (2) | (3) | |
|---|---|---|---|
Dependent-variable | ROE | ROA | Q |
Art_group | 0.012*** | ||
(6.710) | |||
Inclu | 1.333*** | 0.102*** | |
(6.959) | (6.710) | ||
Constant | −44.654*** | −27.163*** | 7.534*** |
(−3.647) | (−4.213) | (8.246) | |
Firm-cont. | Yes | Yes | Yes |
Gov-cont. | Yes | Yes | Yes |
Reg-cont. | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes |
Ind FE | Yes | Yes | Yes |
Observations | 12466 | 12466 | 12205 |
R-squared | 0.177 | 0.259 | 0.338 |
