# **C5 Additional Industry-Level Regressions**

# **Table C5.1: Impact of Political Turnover on Competition**

These estimates are displayed graphically in Figures 1 and 2 in the main paper.

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|
|---|---|---|---|---|---|---|---|---|---|
||Entry|Exit|PCM|PE|HHI|MS4|lnN|lnP|Z|
|PC family*1993|0.110|0.020|-0.070|1.076|-0.038|-0.005|0.203|0.056|1.452|
||(0.074)|(0.048)|(0.090)|(1.010)|(0.074)|(0.062)|(0.172)|(0.059)|(1.650)|
|PC family*1994|0.127|-0.044|-0.090|0.271|-0.049|-0.067|0.160|0.030|1.633|
||(0.097)|(0.067)|(0.081)|(0.978)|(0.051)|(0.056)|(0.130)|(0.053)|(1.735)|
|PC family*1995|0.023|-0.093|-0.032|1.630*|0.006|-0.024|0.078|0.013|-1.949|
||(0.119)|(0.067)|(0.056)|(0.868)|(0.040)|(0.040)|(0.085)|(0.019)|(1.636)|
|PC family*2000|0.157**|-0.030|-0.121|-1.713|-0.022|-0.074|0.052|-0.312|4.013**|
||(0.076)|(0.078)|(0.147)|(1.059)|(0.055)|(0.070)|(0.161)|(0.255)|(1.599)|
|PC family*2001|0.084*|-0.004|-0.155|-1.393|0.036|-0.100|0.015|-0.304|3.493**|
||(0.046)|(0.058)|(0.169)|(0.955)|(0.070)|(0.085)|(0.161)|(0.274)|(1.601)|
|PC family*2002|0.098*|-0.021|-0.194|-0.548|0.082|-0.048|-0.024|-0.226|2.439|
||(0.053)|(0.086)|(0.179)|(1.327)|(0.098)|(0.129)|(0.166)|(0.261)|(2.165)|
|PC family*2003|0.128**|0.036|-0.016|-1.306|0.095|-0.047|-0.004|-0.180|2.662|
||(0.060)|(0.050)|(0.126)|(1.238)|(0.105)|(0.136)|(0.198)|(0.236)|(1.987)|
|PC family*2004|0.102**|0.031|-0.126|0.551|0.120|-0.107|-0.079|-0.156|1.898|
||(0.049)|(0.048)|(0.181)|(1.799)|(0.124)|(0.129)|(0.189)|(0.246)|(2.970)|
|PC family*2005|0.071|-0.089|-0.138|-0.776|0.081|-0.084|-0.145|-0.153|0.814|
||(0.068)|(0.086)|(0.176)|(1.302)|(0.104)|(0.136)|(0.203)|(0.261)|(3.022)|
|PC family*2006|0.004|-0.054|-0.259**|-2.161*|0.163|0.038|-0.247|0.039|1.152|
||(0.153)|(0.078)|(0.121)|(1.307)|(0.130)|(0.129)|(0.343)|(0.243)|(2.868)|
|PC family*2007|0.099|0.030|-0.227*|-1.624|0.100|0.064|-0.225|-0.036|3.151*|
||(0.061)|(0.086)|(0.128)|(1.559)|(0.093)|(0.107)|(0.343)|(0.252)|(1.823)|
|PC family*2008|0.147**|0.024|-0.272**|-0.737|0.088|0.027|-0.249|-0.293|3.857*|
||(0.066)|(0.046)|(0.123)|(1.263)|(0.120)|(0.135)|(0.379)|(0.269)|(2.121)|
|PC family*2009|0.109*|0.011|-0.226*|-2.279*|0.106|-0.066|-0.309|-0.321|4.263*|
||(0.060)|(0.051)|(0.129)|(1.294)|(0.138)|(0.155)|(0.343)|(0.261)|(2.201)|
|Observations|2,800|2,800|2,800|2,800|2,800|2,800|2,800|2,800|2,800|
|Industries|200|200|200|200|200|200|200|200|200|
|R-squared|0.545|0.145|0.065|0.087|0.078|0.083|0.284|0.934|0.302|

_Note_ : Table reports results of estimation of specification (3) for the specified dependent variables. PCM=price cost margin, PE=profit elasticity, HHI=Herfindahl index of market concentration, MS4=cumulative market share of 4 largest firms, lnN=natural logarithm of the number of firms, lnP=natural logarithm of price, Z is a summary competition index. PC family measures the aggregate Suharto-era market share of Suharto family firms. The sample period spans 1993–96 and 2000–09. All specifications include industry and year fixed effects, and Suharto-era (averaged over 1993-1996) industry controls interacted with year dummies. Industry controls include aggregate imports, exports, the cumulative market shares of state-owned and foreign-owned firms, entry regulation, dependence on external finance, and asset tangibility. Appendix A defines all the variables. 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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