# **Table 3: Impact of political turnover on firm market share – Suharto family firms**

||Dependent|variable: m|arket share|||||
|---|---|---|---|---|---|---|---|
|Firms included in the sample:|created bef|ore 1997|all|created be|fore 1997|all|matched|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|
|PC family|0.028***<br>|||0.024**<br>||||
||(0.011)|||(0.011)||||
|PC family*post Suharto|-0.018**|-0.012*|-0.013**|||||
||(0.007)|(0.006)|(0.006)|||||
|PC family*1993||||0.011|0.008|0.007|0.010|
|||||(0.008)|(0.007)|(0.007)|(0.008)|
|PC family*1994||||0.002<br>|-0.000<br>|-0.002<br>|0.001<br>|
|||||(0.006)|(0.006)|(0.006)|(0.006)|
|PC family*1995||||<br>0.005<br>|<br>0.002<br>|<br>-0.000<br>|<br>0.003<br>|
|||||(0.005)|(0.004)|(0.004)|(0.004)|
|PC family*1996||||||||
|PC family*2000||||-0.012|-0.010|-0.015*|-0.012|
|||||(0.007)|(0.007)|(0.008)|(0.008)|
|PC family*2001||||-0.018**|-0.017**|-0.019**|-0.019**|
|||||(0.007)|(0.008)|(0.008)|(0.009)|
|PC family*2002||||<br>-0.014**|<br>-0.010*|<br>-0.014**|<br>-0.013*|
|||||(0.007)|(0.006)|(0.006)|(0.007)|
|PC family*2003||||-0.010|-0.005|-0.007|-0.008|
|||||(0.007)|(0.007)|(0.007)|(0.007)|
|PC family*2004||||-0.015*|-0.009|-0.012|-0.013|
|||||(0.009)|(0.008)|(0.008)|(0.009)|
|PC family*2005||||-0.017**|-0.011|-0.015*|-0.015*|
|||||(0.008)|(0.008)|(0.008)|(0.008)|
|PC family*2006||||<br>-0.014*<br>|<br>-0.005<br>|<br>-0.009<br>|<br>-0.009<br>|
|||||(0.008)|(0.007)|(0.007)|(0.008)|
|PC family*2007||||<br>-0.008|<br>-0.005|<br>-0.008|<br>-0.009|
|||||(0.010)|(0.009)|(0.009)|(0.009)|
|PC fil*2008||||<br>0016*|<br>0010|<br>0012|<br>0013|
|amy||||-.|-.|-.|-.|
|||||(0.009)|(0.008)|(0.008)|(0.009)|
|PC family*2009||||-0.010|-0.004|-0.008|-0.007|
|||||(0.011)|(0.010)|(0.010)|(0.011)|
|_Fixed effects_<br>||||||||
|Firm FE||Yes|Yes||Yes|Yes|Yes|
|Year FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|Industry FE|Yes|||Yes||||
|District FE|Yes|||Yes||||
|_Controls_||||||||
|firm controls (Suharto era)|Yes|||||||
|firm controls (Suharto era)*post Suharto|Yes|Yes||||||
|firm controls (time varying)<br>|||Yes|||||
|firm controls (time varying)*post Suharto|||Yes|||||
|<br>firm controls (Suharto era)*year||||Yes|Yes||Yes|
|<br>firm controls (time varying)*year||||||Yes||
|<br>industry controls (Suharto era)*post Suharto|Yes|Yes||||||
|<br>industry controls (time varying)|||Yes|||||
|<br>industry controls (time varying)*post Suharto|||Yes|||||
|<br>industry controls (Suharto era)*year||||Yes|Yes||Yes|
|industry controls (time varying)*year||||||Yes||
|<br>Observations|197,000|194,096|287,819|197,000|194,096|287,819|9,334|
|Firms|25,903|22,999|42,824|25,903|22,999|42,824|892|
|R-squared|0.242|0.765|0.772|0.243|0.766|0.772|0.822|

_Note_ : Table reports results of estimation of specification (1). The sample period spans 1993–96 and 2000–09. Firm controls include foreign and state ownership, the logarithm of firm age, and indicators for whether a firm imports or exports. Industry controls are a dummy indicating whether the industry in which the firm is operating is subject to entry restrictions; dependence on external finance and asset tangibility (both variables are only time invariant). Appendix A defines all the variables. “Suharto era” versions of firm and industry controls take averages for the period 1993–96 and are used in columns 1, 2, 4, 5, and 7. This confines the sample to firms already operating in 1996. Time-varying firm and industry controls are used in columns 3, 6 and 8. The matched sample includes firms that were matched on the basis of their firm age, foreign and state ownership, indicators for being an exporter and importer, industry and year fixed effects during the 1993-1996 period (see Table C4.1 in the online Appendix for balance tests). Standard errors are clustered at the industry level and presented in parentheses. * indicates significance at the 10 percent level, ** - at the 5 percent level, and *** - at the 1 percent level.

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