The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Variable | Full sample of enterprises | Share of borrowed capital less 50% | Share of borrowed capital exceeds 50% |
---|---|---|---|
Size of the enterprise | 6.84 (0.30)b | 13.77 (0.67)b | 3.24 (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)b | 0.58 (0.45) |
Gross profitability of sales | 5.14 (0.22)b | 5.78 (0.48)b | 3.47 (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 rate | 0.03 (0.05) | − 0.63 (0.09)b | 0.49 (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)a | 0.70 (0.43) | − 0.55 (0.34) |
Share of borrowed capital * ShareFO * Ruble’s depreciation | − 0.87 (0.09)b | 0.06 (0.14) | − 1.39 (0.17)b |
Average interest rates * ShareFO | 0.34 (0.28) | 1.21 (0.69) | − 0.07 (0.29) |
Average annual exchange rate * ShareFO | 0.47 (0.07)b | − 0.03 (0.14) | 0.34 (0.10)b |
Intercept | 5.88 (0.04)b | 5.10 (0.65)b | 9.04 (0.38)b |
Model 1 R2 | 0.070 | 0.169 | 0.048 |
Model 2 R2 | 0.165 | 0.271 | 0.125 |
Model 3 R2 | 0.266 | 0.294 | 0.296 |
Model 4 R2 | 0.272 | 0.303 | 0.307 |
Model 5 R2 | 0.277 | 0.304 | 0.313 |
Model 6 R2 | 0.295 | 0.304 | 0.358 |
Model 7 R2 | 0.298 | 0.307 | 0.360 |
∆R2 of production efficiencya | 0.1 | 0.103 | 0.083 |
∆R2 of financial factorsb | 0.128 | 0.035 | 0.229 |
Including—internal | 0.119 | 0.023 | 0.216 |
External | 0.009 | 0.012 | 0.013 |
Number of enterprises | |||
Total | 6134 | 1430 | 3073 |
FO | 470 | 93 | 226 |
JO | 294 | 67 | 143 |
RO | 5370 | 1270 | 2704 |