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

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

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

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

  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)