| VARIABLES | EPI |
| Manage | 1.01** |
|
| (0.020) |
| HHI | 1.14** |
|
| (0.031) |
| Manage* HHI | 8.56* |
|
| (0.072) |
| ROA | 0.79* |
|
| (0.066) |
| Growth | −0.01 |
|
| (0.819) |
| Age | −0.01 |
|
| (0.261) |
| Levi | 0.39*** |
|
| (0.008) |
| Cashflow | 0.03 |
|
| (0.955) |
| Reg | −0.07 |
|
| (0.365) |
| SOE | 0.02 |
|
| (0.764) |
| First | 0.01 |
|
| (0.125) |
| Director | 0.01 |
|
| (0.529) |
| Indep | −1.62*** |
|
| (0.000) |
| Bage | −0.01 |
|
| (0.354) |
| Constant | 1.47** |
|
| (0.021) |
| Area | Controlled |
| year | Controlled |
| Observations | 1430 |
| R-squared | 0.106 |