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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

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Table 3 Regression results (fixed effects estimates, robust estimates).

From: Companies profitability under economic instability: evidence from the manufacturing industry in Russia

 Full sampleEnterprises in FOEnterprises in JOEnterprises in RO
Size of the enterprise6.80 (0.29)b7.40 (1.43)b5.48 (1.48)b6.90 (0.28)b
Fixed assets share− 1.25 (0.14)b− 2.25 (0.77)a− 1.38 (0.73)− 1.17 (0.15)b
Current liquidity ratio− 0.10 (0.09)− 3.64 (1.58)− 0.53 (1.61)− 0.09 (0.09)
Gross profitability of sales5.17 (0.22)b7.21 (1.02)b4.02 (0.99)b5.09 (0.22)b
Share of borrowed capital− 6.44 (0.23)b− 8.30 (0.88)b− 8.64 (1.30)b− 5.96 (0.24)b
Average interest rates− 0.64 (0.05)b− 3.11 (0.28)b− 1.58 (0.26)b− 0.37 (0.04)b
Average annual exchange rate0.04 (0.05)1.49 (0.30)b0.91 (0.29)a− 0.14 (0.05)a
Intercept5.89 (0.00)b− 1.88 (1.04)2.19 (0.74)a6.75(0.03) [p < 0.001]
Model 1 R20.0700.0510.0770.077
Model 2 R20.1650.1490.1400.178
Model 3 R20.2660.2770.2400.273
Model 4 R20.2720.3300.2620.276
R2 of production efficiencya0.0950.0980.0630.101
R2 of financial factorsb0.1070.1810.1220.098
Number of enterprises in the sample61344702945370
  1. Standard errors are in parentheses. The coefficients and standard errors are given according to model 4. All constructed models (models No. 1–4) are highly significant for all samples (p 0.0001)
  2. aR2 of production efficiency is calculated as the difference of R2 (model 2) and R2 (model 1) or it is equal ∆R2 (model 2)
  3. bR2 of internal financial factors is calculated as the difference of R2 (model 3) and R2 (model 2) or it is equal ∆R2 (model 3). R2 of external financial factors is calculated as the difference of R2 (model 4) and R2 (model 3) or it is equal ∆R2 (model 4)