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

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Table 5 Regression results (fixed effects estimates, robust estimates).

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

VariableFull sample of enterprisesShare of borrowed capital less 50%Share of borrowed capital exceeds 50%
Size of the enterprise6.84 (0.30)b13.77 (0.67)b3.24 (0.33)b
Fixed assets share− 1.25 (0.14)b− 1.97 (0.31)b− 1.06 (0.19)b
Current liquidity ratio− 0.10 (0.10)− 0.21 (0.06)b0.58 (0.45)
Gross profitability of sales5.14 (0.22)b5.78 (0.48)b3.47 (0.28)b
Share of borrowed capital− 6.10 (0.23)b− 5.59 (0.52)b− 9.46 (0.52)b
Average interest rates− 0.61 (0.05)b− 0.19 (0.08)− 0.74 (0.06)b
Average annual exchange rate0.03 (0.05)− 0.63 (0.09)b0.49 (0.07)b
Gross profitability of sales * ShareFO− 0.64 (0.06)b− 0.16 (0.19)0.20 (0.13)
Share of borrowed capital * ShareFO− 0.66 (0.22)a0.70 (0.43)− 0.55 (0.34)
Share of borrowed capital * ShareFO * Ruble’s depreciation− 0.87 (0.09)b0.06 (0.14)− 1.39 (0.17)b
Average interest rates * ShareFO0.34 (0.28)1.21 (0.69)− 0.07 (0.29)
Average annual exchange rate * ShareFO0.47 (0.07)b− 0.03 (0.14)0.34 (0.10)b
Intercept5.88 (0.04)b5.10 (0.65)b9.04 (0.38)b
Model 1 R20.0700.1690.048
Model 2 R20.1650.2710.125
Model 3 R20.2660.2940.296
Model 4 R20.2720.3030.307
Model 5 R20.2770.3040.313
Model 6 R20.2950.3040.358
Model 7 R20.2980.3070.360
R2 of production efficiencya0.10.1030.083
R2 of financial factorsb0.1280.0350.229
 Including—internal0.1190.0230.216
 External0.0090.0120.013
Number of enterprises
 Total613414303073
 FO47093226
 JO29467143
 RO537012702704
  1. Standard errors are in parentheses. The coefficients and standard errors are given according to model 7. All constructed models (models no. 1–7) are highly significant for all samples (p 0.0001)
  2. 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)
  3. 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)