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chapter02tables.tex
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% chapter02 tables
% Table generated by Excel2LaTeX from sheet 'Sheet2'
%\pagestyle{empty}
\begin{sidewaystable}[htbp]
\renewcommand{\arraystretch}{1.2}
\centering
%\vspace{-2cm}
\caption{Variable Definition and Units-I}
\label{tab:vardef}
\scalebox{0.70}{
\begin{tabular}{lp{0.2\textwidth}p{0.2\textwidth}p{0.4\textwidth}p{0.45\textwidth}}
\toprule
\textbf{Variable} & \textbf{Units} & \textbf{Description} & \textbf{Source} \\
\midrule
1. & \emph{\textbf{Electricity Output}} & GWhr & Total electricity generated or distributed. Computed by dividing the reported revenue from operations by yearly average region-wise electricity for each type of generating technology. In case of T\&D and vertically integrated utilities the region-wise yearly average retail electricity prices are used. & (a) Company operating revenue reported in annual reports obtained from CMIE PROWESS.$^{a}$ (b) Electricity retail prices obtained from TEDDY year-book.$^{b}$ \\
2. & \emph{\textbf{Capital Deployed}} & million Indian Rupees (INR) & Gross fixed assets (real) deployed. Current values deflated by GDP (1999=100). Computed for a period by adding Net-fixed assets of the period with cumulated depreciation till that period. & (a) Company assets and depreciation reported in annual reports obtained from CMIE PROWESS. (b) GDP obtained from World Bank Development Indicators$^{c}$. \\
3. & \emph{\textbf{Labor Employed}} & Numbers & Computed by dividing the total reported employee expenditure by the yearly average estimated wages in the power sector in India. & (a) Company total employee expenditure reported in annual reports obtained from CMIE PROWESS. (b) Yearly average wages in power sector estimated by a smaller sample of firm data reporting both number of people employed and the total expenditure on labor. This smaller sample is obtained from CMIE PROWESS and DATASTREAM financial data. \\
4. & \emph{\textbf{\mbox{Fuel~Consumed}: Coal}} & GWhr energy equivalent of coal used. & Computed by dividing the total reported expenditure on fuel/raw-material by the yearly average estimated purchase price of coal in each region. An average calorific value of 4000KCal/Kg or 4648.9KWhr/metric tonne is assumed for coal. & (a) Company total expenditure on fuel/raw-material reported in annual reports obtained from CMIE PROWESS. (b) Yearly average purchase price of coal in power sector estimated by a smaller sample of firm data reporting both quantity of fuel and the total expenditure on fuel from each region. This smaller sample is obtained from CMIE PROWESS. \\
5. & \emph{\textbf{\mbox{Fuel~Consumed}: Gas}} & GWhr energy equivalent of natural gas used. & Computed by dividing the total reported expenditure on fuel/raw-material by the yearly average estimated purchase price of gas in each region. An average calorific value of 40 Mjoule/m3 or 11.11KWhr/m3 is assumed. & (a) Company total expenditure on fuel/raw-material reported in annual reports obtained from CMIE PROWESS. (b) Yearly average purchase price of natural gas in power sector estimated by a smaller sample of firm data reporting both quantity of fuel and the total expenditure on fuel from each region. This smaller sample is obtained from CMIE PROWESS. \\
6. & \emph{\textbf{Electricity Input}} & GWhr & Computed by dividing the total reported expenditure on fuel/electricity purchased by the yearly average sale price to utilities in each region. & (a) Company total expenditure on fuel/electricity purchase reported in annual reports obtained from CMIE PROWESS. (b) Yearly average sale price of electricity by Coal and Gas based generators separately. Estimated by a smaller sample of firm data, from CMIE PROWESS, reporting both quantity of electricity sales and the total revenue from electricity sales from each region. \\
\bottomrule
\multicolumn{4}{r}{\emph{Continued on Table.\ref{tab:vardef01} \ldots}}
\end{tabular}%
}
\end{sidewaystable}%
% Table generated by Excel2LaTeX from sheet 'Sheet2'
\newpage
\thispagestyle{empty}
%\addtocounter{table}{-1}
\begin{sidewaystable}[htbp]
\renewcommand{\arraystretch}{1.2}
\centering
\vspace{-1cm}
\caption{Variable Definition and Units-II}
\label{tab:vardef01}
\scalebox{0.7}{ \begin{tabular}{lp{0.25\textwidth}p{0.2\textwidth}p{0.5\textwidth}p{0.4\textwidth}}
\multicolumn{4}{l}{\ldots Continued from Table.\ref{tab:vardef}}\\
\toprule
& \textbf{Variable} & \textbf{Units} & \textbf{Description} & \textbf{Source} \\
\midrule
7. & \emph{\textbf{Coal Price}} & INR per metric tonne & Region-Year average purchase price of coal in power sector estimated by a smaller sample of firm data reporting both quantity of fuel and the total expenditure on fuel from each region. & The smaller sample of firm data obtained from CMIE PROWESS. \\
8. & \emph{\textbf{Gas Price}} & INR per cubic meter & Region-Year average purchase price of natural in power sector estimated by a smaller sample of firm data reporting both quantity of fuel and the total expenditure on fuel from each region. & The smaller sample of firm data obtained from CMIE PROWESS. \\
9. & \emph{\textbf{Sale Price of Electricity by \mbox{Coal~Based} Generators}} & INR per KWhr & Region-Year average sale price of electricity by Coal based generators. Estimated by a smaller sample of firm data reporting both quantity of electricity sales and the total revenue from electricity sales from each region. & The smaller sample of firm data obtained from CMIE PROWESS. \\
10. & \emph{\textbf{Sale Price of Electricity by \mbox{Gas~Based} Generators}} & INR per KWhr & Region-Year average sale price of electricity by Gas based generators. Estimated by a smaller sample of firm data reporting both quantity of electricity sales and the total revenue from electricity sales from each region. & The smaller sample of firm data obtained from CMIE PROWESS. \\
11. & \emph{\textbf{Retail Price of Electricity}} & INR per KWhr & State-Year average sale price of electricity by utilities. & Electricity retail prices obtained from TEDDY year-book \\
12. & \emph{\textbf{Price of Capital}} & Percentage & Computed as\ldots (a) Price of Capital = Expense of Capital/Gross Fixed Assets. (b) Expense of Capital= Interest Share of Capital + Depreciation. (c) Interest Share of Capital=(Annual Interest on Long-Term Debt)*(Fixed Assets)/(Long Term Debt) & Company financial data in annual reports obtained from CMIE PROWESS. \\
13. & \emph{\textbf{Vintage}} & Year & The year of incorporation of the company is taken as a proxy for the approximate vintage of the firm's productive assets. & Company annual reports. \\
14. & \emph{\textbf{Time Since Un-bundling}} & Year & Years past since the vertically integrated state electricity boards (SEBs) were unbundled and separated as generators and distribution utilities in the respective states. & TEDDY year-book \\
% 15. & \emph{\textbf{Index of Financial Sustainability of Power Utilities in the State}} & Index Number & Measure of the sustainability of revenue model of the state power sector. Score of 0-to-40, higher score indicating more sustainable revenue model. & Ministry of Power, Government of India$^{d}$ \\
16. & \emph{\textbf{Index of Competitiveness of Power Sector in the State}} & Index Number &Measure of the competitiveness of the state power sector. Score of 0-to-40, higher score indicating more sustainable revenue model & Ministry of Power, Government of India \\
%\midrule
\bottomrule
\multicolumn{5}{l}{(a) CMIE PROWESS: The PROWESS database of Indian companies details maintained by the Center for Monitoring of Indian Economy, Mumbai India.}\\
\multicolumn{5}{l}{(b) TEDDY: TERI Energy Data Directory and Yearbook, annual publication of The Energy and Resource Institute, New Delhi India. }\\
\multicolumn{5}{l}{(c) World Bank Development Indicators: maintained at http://data.worldbank.org/data-catalog/world-development-indicators}\\
\multicolumn{5}{l}{(d) Ministry of Power Report: http://www.powermin.nic.in/ indian\_electricity\_scenario/pdf/Final\_Report\_Rating.pdf}
%\bottomrule
\end{tabular}%
} %
\end{sidewaystable}%
%\hspace{-2cm}
\begin{sidewaystable}[htbp]%\footnotesize
%\vspace{-1cm}
%\hspace{2cm}
\renewcommand{\arraystretch}{1.2}
\centering
\caption{Description of Sample}
\label{tab:02sample}
\scalebox{1}{
\begin{tabular}{lcccccc.c.}
\toprule
\multicolumn{1}{l}{} & \multicolumn{3}{c}{Generation}\\
\cline{2-4}
\multicolumn{1}{l}{} & \multicolumn{2}{c}{Fossil Fuels} & \multicolumn{1}{c}{Mixed}
& \multicolumn{2}{c}{Transmission \& Distribution}\\
\cline{2-3}
\cline{5-6}
\multicolumn{1}{l}{Year} & \multicolumn{1}{c}{Coal} & \multicolumn{1}{c}{Gas}
& \multicolumn{1}{c}{} & \multicolumn{1}{p{2cm}}{Distribution Utilities}
& \multicolumn{1}{p{1cm}}{Vertically Integrated} & \multicolumn{1}{p{2cm}}{Total Generation (GWhr)}
& \multicolumn{1}{p{2cm}}{Generation Sample Coverage} & \multicolumn{1}{p{2cm}}{Total Consumption (GWhr)}
& \multicolumn{1}{p{2cm}}{Distribution Sample Coverage}\\
\cline{1-10}
2000 & 8 & 4 & 3 & 5 & 3 & 501,204 & 33.9\% & 316,600 & 27.3\% \\
2001 & 8 & 5 & 3 & 9 & 7 & 517,439 & 31.3\% & 322,459 & 70.0\% \\
2002 & 16 & 9 & 5 & 11 & 7 & 532,693 & 45.6\% & 339,598 & 57.9\% \\
2003 & 16 & 11 & 5 & 17 & 6 & 565,102 & 50.8\% & 360,937 & 62.0\% \\
2004 & 15 & 13 & 4 & 23 & 6 & 594,456 & 42.7\% & 386,134 & 58.5\% \\
2005 & 14 & 15 & 6 & 25 & 6 & 623,820 & 47.5\% & 411,887 & 67.4\% \\
2006 & 14 & 18 & 2 & 25 & 4 & 670,654 & 48.6\% & 455,748 & 61.4\% \\
2007 & 13 & 16 & 5 & 30 & 4 & 722,626 & 48.5\% & 501,977 & 70.5\% \\
2008 & 12 & 17 & 6 & 25 & 4 & 741,167 & 48.4\% & 527,564 & 63.0\% \\
2009 & 15 & 17 & 3 & 23 & 4 & 790,766 & 51.9\% & 553,151 & 50.1\% \\
\midrule
Firms=98 & 21 & 19 & 11 & 38 & 9 & 6,259,927 & 45.7\% & 4,176,055 & 59.4\% \\
Firm-Years=542 & 131 & 125 & 42 & 193 & 51 \\
\bottomrule
\end{tabular}
}
\end{sidewaystable}
\begin{table}[htbp]%\footnotesize
\renewcommand{\arraystretch}{1.2}
\centering
\caption{Summary Statistics}
\label{tab:02sum1}
\scalebox{0.85}{
\begin{threeparttable}
\begin{tabular}{l.....}
\toprule
\multicolumn{1}{l}{Variable} & \multicolumn{1}{c}{Mean} & \multicolumn{1}{c}{S.d.} & \multicolumn{1}{c}{Min} & \multicolumn{1}{c}{Max} & \multicolumn{1}{c}{N} \\
\cline{1-6}
Electricity Output\tnote{a} & 9,848.67 & 20,111.82 & 16.29 & 207,351.79 & 542\\
Capital Deployed\tnote{b} & 38,992.40 & 72,951.23 & 160.60 & 668,474.20 & 542\\
Labour\tnote{c} & 4,800.83 & 9,006.34 & 2.25 & 77,528.54 & 542\\
Fuel:Coal\tnote{d} & 63,731.08 & 141,227.98 & 117.04 & 738,319.02 & 131\\
Fuel:Gas\tnote{e} & 8,055.95 & 18,477.04 & 56.94 & 102,879.34 & 125\\
Electricity Input\tnote{f} & 11,858.73 & 14,095.34 & 0.55 & 89,783.45 & 193\\
Coal Price\tnote{g} & 1,533.57 & 246.48 & 1,227.40 & 1,839.40 & 542\\
Gas Price\tnote{h} & 5.21 & 0.88 & 4.00 & 6.60 & 542\\
Captial Price\tnote{i} & 8.68\% & 5.43\% & 0.10\% & 42.00\% & 542\\
Coal Gen. Price\tnote{j} & 2.10 & 0.57 & 0.64 & 3.26 & 131\\
Gas Gen. Price\tnote{k} & 3.05 & 1.51 & 1.14 & 9.41 & 125\\
Retail Electricity Price\tnote{l} & 2.11 & 0.76 & 0.48 & 4.05 & 193\\
Year of Incorporation\tnote{m} & 1,987.15 & 22.35 & 1,913.00 & 2,008.00 & 542\\
Time Since Unbundled\tnote{n} & 2.63 & 4.72 & -9 & 13 & 542\\
Competition Index\tnote{p} & 23.49 & 7.45 & 0.00 & 40.00 & 542\\
\bottomrule
\end{tabular}
\begin{tablenotes}
\smallskip
\item \emph{Variable Definition and Units}
\smallskip
\item[a] Electricity generated or distributed in GWhr. Computed by dividing reported revenue from operations by yearly average regional electricity prices for each generating technology. In case of T\&D and vertically integrated companies the state-wise yearly average retail electricity prices are used.
\item[b] Real gross fixed assets deployed in million Indian Rupees, deflated by GDP (1999=100)
\item[c] No. of employees. Computed by dividing the total reported employee expenditure by the yearly average estimated wages in the power sector.
\item[d] GWhr equivalent of coal used. Computed by dividing the reported fuel expenditure by the yearly average purchase price of coal obtained from a smaller sample of firms reporting this information. An average calorific value of 4000KCal/Kg or 4648.9KWhr/metric tonne is assumed for coal.
\item[e] GWhr equivalent of gas used. Computed by dividing the reported fuel expenditure by the yearly average purchase price of gas obtained from a smaller sample of firms reporting this information. An average calorific value of 40 Mjoule/m3 or 11.11KWhr/m3 is assumed.
\item[f] Electricity purchased in GWhr. Computed by dividing reported expenditure on fuel by yearly average region-wise electricity sale price of generators to distribution utilities.
\item[g] INR per metric tonne. Region-Year average purchase price of coal used in the power sector.
\item[h] INR per cubic meter. Region-Year average purchase price of natural in power sector.
\item[i] Percentage, computed as$:$ Price of Capital = Expense of Capital/Gross Fixed Assets.
\item[j] INR per KWhr. Region-Year average sale price of electricity by Coal based generators.
\item[k] INR per KWhr. Region-Year average sale price of electricity by Gas based generators.
\item[l] State-Year average sale price of electricity by utilities.
\item[m] Year of incorporation of the firm. used as proxy for asset vintage.
\item[n] Time in years, since the home State power sector is unbundled.
\item[p] Index of competitiveness of power sector in the State.(0=low to 40=high)
\end{tablenotes}
\end{threeparttable}
}
\end{table}
\begin{table}[htbp]%\footnotesize
\begin{adjustwidth}{-1.5cm}{-1cm}
\renewcommand{\arraystretch}{1.2}
\centering
\caption{Variable Statistics, Mean (s.d), by Technology}
\label{tab:02sum2}
\scalebox{0.80}{
\begin{threeparttable}
\begin{tabular}{l.....}
\toprule
\multicolumn{1}{l}{} & \multicolumn{3}{c}{Generation}\\
\cline{2-4}
\multicolumn{1}{l}{} & \multicolumn{2}{c}{Fossil Fuels} & \multicolumn{1}{c}{Mixed}
& \multicolumn{2}{c}{Transmission \& Distribution}\\
\cline{2-3}
\cline{5-6}
\multicolumn{1}{l}{Year} & \multicolumn{1}{c}{Coal} & \multicolumn{1}{c}{Gas}
& \multicolumn{1}{c}{} & \multicolumn{1}{p{1.75cm}}{Distribution Utilities}
& \multicolumn{1}{p{1.75cm}}{Vertically Integrated}\\
\cline{1-6}
Electricity Output\tnote{a} & 17,970.34 & 2,054.39 & 5,898.20 & 8,560.41 & 16,219.20 \\
& (35,971.94) & (3,614.19) & (6,580.76) & (8,459.28) & (16,848.78) \\
Capital Deployed\tnote{b} & 46,060.92 & 6,648.24 & 11,926.62 & 14,266.73 & 51,048.37 \\
& (74,565.80) & (7,760.42) & (17,180.15) & (13,024.37) & (53,554.72) \\
Labour\tnote{c} & 5,963.04 & 329.26 & 2,233.28 & 4,759.15 & 15,047.49 \\
& (9,457.96) & (963.34) & (2,783.19) & (5,595.16) & (18,709.51) \\
Fuel:Coal\tnote{d} & 63,731.08 & & & & \\
& (141,227.98) & & & & \\
Fuel:Gas\tnote{e} & & 8,055.95 & & & \\
& & (18,477.04) & & & \\
Electricity Input\tnote{f} & & & & 11,858.73 & 122,108.12 \\
& & & & (14,095.34) & (132,853.61) \\
\midrule
(Firms:98) & 21 & 19 & 11 & 38 & 9 \\
(Firm-Years:542) & 131 & 125 & 42 & 193 & 51 \\
\bottomrule
\end{tabular}
\begin{tablenotes}
\smallskip
\item \emph{Variable Definition and Units}
\smallskip
\item[a] Electricity generated or distributed in GWhr. Computed by dividing reported revenue from operations by yearly average regional electricity prices for each generating technology. In case of T\&D and vertically integrated companies the state-wise yearly average retail electricity prices are used.
\item[b] Real gross fixed assets deployed in million Indian Rupees, deflated by GDP (1999=100)
\item[c] No. of employees. Computed by dividing the total reported employee expenditure by the yearly average estimated wages in the power sector.
\item[d] GWhr equivalent of coal used. Computed by dividing the reported fuel expenditure by the yearly average purchase price of coal obtained from a smaller sample of firms reporting this information. An average calorific value of 4000KCal/Kg or 4648.9KWhr/metric tonne is assumed for coal.
\item[e] GWhr equivalent of gas used. Computed by dividing the reported fuel expenditure by the yearly average purchase price of gas obtained from a smaller sample of firms reporting this information. An average calorific value of 40 Mjoule/m3 or 11.11KWhr/m3 is assumed.
\item[f] Electricity purchased in GWhr. Computed by dividing reported expenditure on fuel by yearly average region-wise electricity sale price of generators to distribution utilities.
\end{tablenotes}
\end{threeparttable}
}
\end{adjustwidth}
\end{table}
\begin{table}[htbp]%\footnotesize
\begin{adjustwidth}{-0cm}{0cm}
\vspace{-0.75cm}
\renewcommand{\arraystretch}{1.2}
\centering
\caption{Maximum Likelihood Parameter Estimates of the Translog Production Model}
\label{tab:model1}
\scalebox{0.7}{
\begin{tabular}{llrrrrr}
\toprule
\multicolumn{1}{l}{\textbf{Variable}} &\multicolumn{1}{l}{\textbf{Par.}}& \multicolumn{1}{c}{\textbf{Coal}} & \multicolumn{1}{c}{\textbf{Gas}} & \multicolumn{1}{c}{\textbf{Mixed}}
& \multicolumn{1}{c}{\textbf{TnD}} & \multicolumn{1}{c}{\textbf{Integr.}} \\
\cline{1-7}
$ln(K)$ & $\beta_{K}$ & -0.412 & 0.205 & 1.686$\dag$ & -2.138 & -0.284* \\
& & (0.550) & (1.052) & (1.314) & (3.349) & (0.169) \\
$ln(L)$ & $\beta_{L}$ & 1.550*** & 0.864* & 0.210 & -0.070 & -0.720*** \\
& & (0.364) & (0.399) & (1.083) & (0.867) & (0.048) \\
$ln(F)$ & $\beta_{F}$ & 0.340 & 0.654$\dag$ & 1.924*** & 0.767* & 0.286 \\
& & (0.287) & (0.464) & (0.520) & (0.363) & (0.349) \\
$\frac{1}{2}ln(K)ln(K)$ & $\beta_{KK}$ & 0.180* & 0.256* & 0.074 & 0.212 & 0.122$\dag$ \\
& & (0.088) & (0.145) & (0.264) & (0.340) & (0.084) \\
$\frac{1}{2}ln(L)ln(L)$ & $\beta_{LL}$ & -0.113** & 0.119* & 0.330** & -0.111 & 0.361** \\
& & (0.044) & (0.054) & (0.118) & (0.134) & (0.140) \\
$\frac{1}{2}ln(F)ln(F)$ & $\beta_{FF}$ & 0.050* & 0.224*** & 0.436*** & 0.070*** & 0.022 \\
& & (0.023) & (0.035) & (0.075) & (0.013) & (0.085) \\
$\frac{1}{2}ln(K)ln(L)$ & $\beta_{KL}$ & -0.062 & -0.201$\dag$ & 0.232 & 0.222$\dag$ & -0.331* \\
& & (0.105) & (0.153) & (0.308) & (0.165) & (0.151) \\
$\frac{1}{2}ln(K)ln(F)$ & $\beta_{KF}$ & -0.079 & -0.380*** & -0.658*** & -0.206** & 0.112 \\
& & (0.065) & (0.099) & (0.192) & (0.081) & (0.177) \\
$\frac{1}{2}ln(L)ln(F)$ & $\beta_{LF}$ & -0.049 & -0.076 & -0.668*** & 0.062$\dag$ & -0.179$\dag$ \\
& & (0.041) & (0.095) & (0.193) & (0.039) & (0.120) \\
$Time$ & $\beta_{t}$ & -0.043 & 0.247$\dag$ & 0.114$\dag$ & 0.065 & 0.253* \\
& & (0.072) & (0.184) & (0.088) & (0.221) & (0.111) \\
$\frac{1}{2}Time^2$ & $\beta_{tt}$ & 0.026** & -0.020* & -0.003 & -0.015* & -0.046*** \\
& & (0.009) & (0.010) & (0.011) & (0.008) & (0.012) \\
$ln(K)Time$ & $\beta_{Kt}$ & -0.035*** & 0.035 & 0.062* & 0.038* & -0.039** \\
& & (0.010) & (0.030) & (0.033) & (0.022) & (0.015) \\
$ln(L)Time$ & $\beta_{Lt}$ & 0.028*** & -0.022 & 0.021 & -0.014 & 0.083*** \\
& & (0.007) & (0.018) & (0.041) & (0.020) & (0.013) \\
$ln(F)Time$ & $\beta_{Ft}$ & 0.009* & -0.031* & -0.077** & -0.012* & -0.023 \\
& & (0.005) & (0.016) & (0.026) & (0.006) & (0.027) \\
\midrule
\multicolumn{5}{l}{\textbf{Exogenous explanatory variables} } \\
\midrule
$Time$ & $\delta_{t}$ & -0.192 & 0.321$\dag$ & -0.944 & 0.924*** & 0.080 \\
& & (0.211) & (0.219) & (1.107) & (0.290) & (0.085) \\
$Time^2$ & $\delta_{tt}$ & 0.018 & -0.023$\dag$ & -1.318 & -0.054** & -0.007 \\
& & (0.019) & (0.016) & (3.154) & (0.018) & (0.008) \\
$Asset~Vintage$ & $\delta_{V}$ & -0.239 & 0.217 & 0.506 & -1.496* & 0.126 \\
& & (0.191) & (0.670) & (1.102) & (0.883) & (0.139) \\
$Owner:Central~Govt.$ & $\delta_{CG}$ & -0.835*** & -- & -- & -0.461 & -- \\
& & (0.076) & -- & -- & (1.601) & -- \\
$Owner:State~Govt.$ & $\delta_{SG}$ & -0.045 & 0.193 & -0.106*** & 0.043 & 1.033*** \\
& & (0.413) & (0.753) & (0.000) & (0.369) & (0.050) \\
$Unbundled$ & $\delta_{Udl}$ & 0.081 & 0.034 & -0.079 & -1.803 & -- \\
& & (0.100) & (0.090) & (0.590) & (1.441) & -- \\
$Competition$ & $\delta_{Cmp}$ & 0.025 & -0.281$\dag$ & -0.483 & -0.086 & -0.045 \\
& & (0.140) & (0.210) & (1.282) & (0.121) & (0.315) \\
\midrule
\multicolumn{5}{l}{\textbf{Inefficiency}} \\
\midrule
& $ln(\sigma_{u})$ & 2.585*** & -0.297*** & 0.174 & -1.052$\dag$ & 0.087*** \\
& & (0.013) & (0.066) & (0.165) & (0.722) & (0.010) \\
& $ln(\sigma_{v})$ & -4.422*** & -3.967*** & -4.980*** & -4.028*** & -6.420*** \\
& & (0.148) & (0.145) & (0.258) & (0.128) & (0.251) \\
\midrule
$Log~Likelihood$ & & 72.676 & 54.149 & 32.997 & 69.358 & 62.061 \\
\bottomrule
\multicolumn{7}{l}{Standard errors (in parenthesis) computed using delta method.}\\
\multicolumn{7}{l}{Significance denoted by $\dag:~p<0.1,~*:~p<0.05,~**:~p<0.01,~***:~p<0.001$}
\end{tabular}
}
\end{adjustwidth}
\end{table}
\begin{sidewaystable}[htbp]%\footnotesize
\renewcommand{\arraystretch}{1.3}
\centering
\caption{Power Sector TFP Changes and Decomposition of TFP }
\label{tab:prod}
\scalebox{0.76}{
\begin{tabular}{l|.rrrrr|rrrrrr|rrrrrr}
\toprule
\multicolumn{1}{l}{Year} & \multicolumn{6}{c}{Generator:Coal}
& \multicolumn{6}{c}{Generator:Gas} & \multicolumn{6}{c}{Generator:Mixed}
\\
\midrule & \multicolumn{1}{c}{$\dot{TFP}$} & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ & $\dot{TFP}$ & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ & $\dot{TFP}$ & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ \\ \midrule
2000-01 & 0.212 & -0.034 & 0.158 & 0.095 & -0.008 & 0.554 & 0.156 & 0.148 & -0.076 & 0.092 & -0.008 & -0.258 & 0.336 & 0.057 & 0.093 & 0.193 & -0.007 & -18.704 \\
2001-02 & 0.207 & -0.018 & 0.125 & 0.006 & 0.094 & 1.714 & 0.016 & 0.146 & -0.093 & 0.015 & -0.052 & 0.916 & 0.205 & 0.030 & 0.002 & 0.182 & -0.008 & -19.211 \\
2002-03 & 0.068 & 0.015 & 0.084 & -0.023 & -0.007 & 1.550 & -0.017 & 0.122 & -0.076 & -0.066 & 0.003 & 0.794 & -0.950 & 0.129 & 0.000 & -1.098 & 0.018 & -13.252 \\
2003-04 & 0.063 & 0.039 & 0.043 & -0.008 & -0.012 & 1.781 & 0.054 & 0.096 & -0.058 & 0.040 & -0.025 & 0.632 & -0.029 & 0.100 & 0.000 & -0.126 & -0.002 & -14.647 \\
2004-05 & -0.115 & 0.065 & -0.003 & -0.151 & -0.026 & 1.831 & -0.392 & 0.073 & -0.044 & -0.383 & -0.038 & 0.812 & -1.430 & 0.188 & 0.000 & -1.624 & 0.006 & -7.765 \\
2005-06 & -0.001 & 0.100 & -0.024 & -0.058 & -0.019 & 1.360 & 0.090 & 0.036 & -0.022 & 0.103 & -0.027 & 0.546 & 2.766 & 0.006 & 0.000 & 2.787 & -0.026 & -25.100 \\
2006-07 & 0.190 & 0.136 & -0.071 & 0.124 & 0.001 & 0.268 & 0.013 & 0.004 & -0.001 & 0.030 & -0.021 & 0.334 & 0.285 & 0.032 & 0.000 & 0.256 & -0.003 & -18.676 \\
2007-08 & 0.244 & 0.161 & -0.120 & 0.212 & -0.008 & 0.662 & -0.001 & -0.014 & 0.015 & 0.022 & -0.024 & 0.718 & -0.434 & 0.037 & 0.000 & -0.470 & -0.001 & -18.774 \\
2008-09 & 0.091 & 0.188 & -0.158 & 0.474 & -0.412 & 0.469 & -0.112 & -0.034 & 0.045 & -0.112 & -0.011 & 0.548 & -2.689 & 0.005 & 0.000 & -2.699 & 0.005 & -26.641 \\
\midrule
$mean_{2000-04}^a$ & 0.138 & 0.001 & 0.103 & 0.018 & 0.017 & 1.400 & 0.052 & 0.128 & -0.076 & 0.021 & -0.021 & 0.521 & -0.109 & 0.079 & 0.024 & -0.212 & 0.000 & -16.454 \\
$mean_{2004-09}$ & 0.082 & 0.130 & -0.075 & 0.120 & -0.093 & 0.918 & -0.080 & 0.013 & -0.001 & -0.068 & -0.024 & 0.592 & -0.300 & 0.054 & 0.000 & -0.350 & -0.004 & -19.391 \\
\midrule
& \multicolumn{6}{c}{Distribution} & \multicolumn{6}{c}{Integrated} & \multicolumn{6}{c}{Power Sector All}\\
\midrule & \multicolumn{1}{r}{$\dot{TFP}$} & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ & $\dot{TFP}$ & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ & $\dot{TFP}$ & $\Delta T$ & $\Delta TE$ & $\Psi$ & $\Omega$ & $\Gamma$ \\ \midrule
2000-01 & 1.761 & 0.155 & -0.032 & 1.632 & 0.005 & 19.892 & 0.167 & 0.227 & -0.130 & 0.068 & 0.002 & 6.713 & 0.606 & 0.084 & 0.034 & 0.490 & -0.003 & 3.343 \\
2001-02 & 0.487 & 0.146 & -0.053 & 0.392 & 0.001 & 20.771 & 0.202 & 0.214 & -0.169 & 0.146 & 0.011 & 8.586 & 0.239 & 0.105 & -0.031 & 0.147 & 0.018 & 5.744 \\
2002-03 & 0.951 & 0.133 & -0.086 & 0.900 & 0.005 & 19.681 & 0.547 & 0.147 & -0.127 & 0.506 & 0.021 & 8.590 & 0.213 & 0.089 & -0.019 & 0.140 & 0.003 & 4.970 \\
2003-04 & 0.202 & 0.119 & -0.121 & 0.205 & -0.001 & 19.304 & -0.358 & 0.102 & -0.103 & -0.345 & -0.012 & 8.441 & 0.045 & 0.088 & -0.049 & 0.017 & -0.011 & 6.270 \\
2004-05 & 0.525 & 0.101 & -0.124 & 0.544 & 0.004 & 18.444 & -0.527 & 0.041 & -0.027 & -0.523 & -0.017 & 7.663 & -0.032 & 0.083 & -0.060 & -0.039 & -0.016 & 7.923 \\
2005-06 & -0.359 & 0.101 & -0.130 & -0.329 & -0.002 & 20.401 & -0.421 & -0.019 & 0.009 & -0.404 & -0.007 & 7.871 & -0.056 & 0.072 & -0.063 & -0.052 & -0.013 & 8.311 \\
2006-07 & -0.054 & 0.094 & -0.100 & -0.045 & -0.003 & 20.962 & -0.432 & -0.060 & 0.047 & -0.414 & -0.005 & 7.868 & 0.012 & 0.066 & -0.053 & 0.006 & -0.007 & 7.924 \\
2007-08 & -0.069 & 0.066 & -0.059 & -0.074 & -0.001 & 20.343 & -0.067 & -0.102 & 0.058 & -0.021 & -0.002 & 8.003 & -0.019 & 0.049 & -0.038 & -0.021 & -0.009 & 7.202 \\
2008-09 & 0.316 & 0.058 & 0.007 & 0.249 & 0.001 & 20.339 & -0.314 & -0.141 & 0.078 & -0.247 & -0.004 & 8.041 & -0.049 & 0.042 & -0.011 & 0.007 & -0.086 & 7.373 \\
\midrule
$mean_{2000-04}$ & 0.850 & 0.138 & -0.073 & 0.782 & 0.003 & 19.912 & 0.139 & 0.172 & -0.132 & 0.094 & 0.006 & 8.083 & 0.276 & 0.092 & -0.016 & 0.198 & 0.002 & 5.082 \\
$mean_{2004-09}$ & 0.072 & 0.084 & -0.081 & 0.069 & 0.000 & 20.098 & -0.352 & -0.056 & 0.033 & -0.322 & -0.007 & 7.889 & -0.016 & 0.067 & -0.046 & -0.014 & -0.024 & 7.501 \\
\bottomrule
\multicolumn{15}{l}{a: Mean year-on-year changes.}\\
\multicolumn{15}{l}{$\Delta T:$ Technology change, $\Delta TE:$ Technical efficiency change, $\Psi:$ Scale effect, $\Omega:$ Price effect, $\Gamma:$ Returns to scale}
\end{tabular}
}
\end{sidewaystable}
%\pagestyle{plain}