Tfp t + 1 | ||||
---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
VCrep | − 0.084** | 0.450** | ||
(0.038) | (0.179) | |||
VCrep × ID | −0.684*** | |||
(0.228) | ||||
ID | 0.135 | |||
(0.316) | ||||
IntraRep | 0.203* | |||
(0.116) | ||||
ExtraRep | −0.171*** | |||
(0.051) | ||||
NumVC | −0.143*** | −0.145*** | − 0.143*** | −0.147*** |
(0.049) | (0.049) | (0.050) | (0.049) | |
VCAge | 0.007 | 0.013 | 0.022 | 0.014 |
(0.016) | (0.016) | (0.018) | (0.016) | |
Age | −0.114*** | − 0.112*** | − 0.127*** | − 0.114*** |
(0.020) | (0.020) | (0.022) | (0.020) | |
ROA | 2.372*** | 2.367*** | 2.348*** | 2.363*** |
(0.282) | (0.282) | (0.320) | (0.282) | |
SOE | −0.081 | −0.111 | −0.189 | −0.137 |
(0.387) | (0.387) | (0.390) | (0.386) | |
lnSize | −2.061*** | −2.037*** | −2.127*** | −2.030*** |
(0.115) | (0.115) | (0.124) | (0.115) | |
lnm | 1.494*** | 1.489*** | 1.497*** | 1.485*** |
(0.080) | (0.080) | (0.083) | (0.080) | |
IGrowth | 3.031*** | 2.873*** | 2.661*** | 2.930*** |
(0.933) | (0.934) | (1.028) | (0.933) | |
lnGDP | 0.418*** | 0.417*** | 0.327*** | 0.409*** |
(0.091) | (0.091) | (0.097) | (0.091) | |
Industry dummies | Included | Included | Included | Included |
Year dummies | Included | Included | Included | Included |
Constant | 71.830*** | 71.700*** | 73.089*** | 71.587*** |
(1.862) | (1.860) | (1.890) | (1.857) | |
N | 1553 | 1553 | 1328 | 1553 |
F | 40.20 | 38.52 | 30.37 | 37.16 |
R 2 | 0.333 | 0.335 | 0.339 | 0.338 |