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

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Table 4 Net profitability of assets.

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

VariableDMDKDGDJDLDA
Size of the enterprise6.94 (1.22)b8.14 (0.61)b7.20 (0.94)b6.35 (0.59)b7.44 (0.97)b5.69 (0.47)b
Fixed assets share− 0.56 (0.65)− 1.31 (0.37)b− 0.90 (0.39)− 1.54 (0.32)b− 2.12 (0.50)b− 1.10 (0.22)b
Current liquidity ratio3.56 (3.63)− 0.12 (1.46)− 0.09 (0.09)− 1.62 (0.70)− 0.22 (0.11)0.16 (0.20)
Gross profitability of sales6.65 (1.10)b5.70 (0.39)b4.70 (0.53)b5.12 (0.55)b4.74 (0.51)b4.91 (0.37)b
Share of borrowed capital− 4.59 (1.06)b− 5.95 (0.55)b− 5.84 (0.58)b− 5.59 (0.48)b− 6.20 (0.56)b− 6.76 (0.42)b
Average interest rates− 1.36 (0.21)b− 0.58 (0.10)b− 0.32 (0.13)− 0.77 (0.11)b− 0.48 (0.12)b− 0.44 (0.08)b
Average annual exchange rate0.71 (0.23)a− 0.04 (0.11)0.26 (0.15)0.08 (0.12)− 0.23 (0.13)− 0.12 (0.09)
Gross profitability of sales * ShareFO− 1.22 (0.26)b− 0.39 (0.14)a− 0.46 (0.16)a− 0.61 (0.14)b− 0.43 (0.17)− 0.49 (0.10)b
Share of borrowed capital * ShareFO0.05 (0.60)− 1.64 (0.44)b− 2.09 (0.71)a− 0.65 (0.46)0.84 (0.44)− 0.61 (0.38)
Share of borrowed capital * ShareFO * Ruble’s depreciation− 1.47 (0.22)b− 0..80 (0.23)b− 0.94 (0.18)b− 0.85 (0.15)b− 1.14 (0.26)b− 0.43 (0.17)
Average interest rates * ShareFO2.61 (0.85)a− 0.01 (0.48)− 0.63 (0.66)− 0.42 (0.46)1.84 (0.49)b− 0.42 (0.34)
Average annual exchange rate * ShareFO1.00 (0.25)b0.58(0.15)b0.49 (0.16)a0.38 (0.15)0.30 (0.19)0.08 (0.12)
Intercept4.39 (0.64)b7.49 (0.21)b5.01 (0.35)b6.93 (0.20)b6.17 (0.22)b5.41 (0.10)b
Model 1 R20.0970.1200.0620.0800.0840.040
Model 2 R20.2770.2380.1460.1980.1580.111
Model 3 R20.3300.3270.2480.2840.2.440.234
Model 4 R20.3690.3320.2520.2920.2510.238
Model 5 R20.4030.3340.2560.2970.2530.243
Model 6 R20.4680.3540.2920.3130.2810.247
Model 7 R20.5080.3580.2980.3150.2880.247
R2 of production efficiencya0.2140.120.0880.1230.0760.076
R2 of financial factorsb0.1970.1180.1480.1120.1280.131
 Including—internal0.1180.1090.1380.1020.1140.127
External0.0790.0090.010.010.0140.004
Number of enterprises
 Total303107072811138692051
 FO5678877352124
 JO255144584373
 RO2229415979827741854
  1. Regression results (fixed effects estimates, robust estimates)
  2. Standard errors are in parentheses. The coefficients and standard errors are given according to model 7. All constructed models (models no. 1–7) for each type of economic activities are highly significant (p 0.0001)
  3. aR2 of production efficiency = R2 (model 2) − R2 (model 1) + R2 (model 5) − R2 (model 4). Or it is equal to the sum of ∆R2 (model 2) and ∆R2 (model 5)
  4. bR2 of internal financial factors = R2 (model 3) − R2 (model 2) + R2 (model 6) − R2 (model 5). Or it is equal to the sum of ∆R2 (model 3) and ∆R2 (model 6). R2 of external financial factors = R2 (model 4) − R2 (model 3) + R2 (model 7) − R2 (model 6). Or it is equal to the sum of ∆R2 (model 4) and ∆R2 (model 7)