Subgroup | Tfp t + 1 | |||
---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
Low IntraRep & Low ExtraRep | High IntraRep & High ExtraRep | High IntraRep & Low ExtraRep | Low IntraRep & High ExtraRep | |
VCrep | – | −0.056 | 1.711*** | −0.382*** |
(0.071) | (0.503) | (0.129) | ||
NumVC | −0.026 | − 0.149 | −0.157 | − 0.402*** |
(0.092) | (0.120) | (0.116) | (0.104) | |
VCAge | 0.039* | 0.007 | −0.024 | 0.010 |
(0.023) | (0.071) | (0.037) | (0.057) | |
Age | −0.108*** | −0.092 | − 0.092* | −0.173*** |
(0.027) | (0.057) | (0.048) | (0.058) | |
ROA | 2.443*** | 1.844* | 3.005** | 2.712** |
(0.326) | (1.063) | (1.408) | (1.147) | |
SOE | 0.016 | 0.908 | −1.206* | 3.067** |
(0.557) | (1.171) | (0.722) | (1.456) | |
lnSize | −1.962*** | −1.867*** | −2.223*** | −2.035*** |
(0.152) | (0.317) | (0.336) | (0.309) | |
lnm | 1.477*** | 1.378*** | 1.475*** | 1.636*** |
(0.109) | (0.175) | (0.236) | (0.242) | |
IGrowth | 3.370*** | 2.054 | 2.013 | 2.201 |
(1.264) | (2.227) | (2.142) | (3.204) | |
lnGDP | 0.414*** | 0.252 | 0.648** | 0.422 |
(0.119) | (0.237) | (0.296) | (0.256) | |
Industry dummies | Included | Included | Included | Included |
Year dummies | Included | Included | Included | Included |
Constant | 72.152*** | 77.863*** | 69.056*** | 75.283*** |
(3.013) | (3.868) | (3.936) | (4.176) | |
N | 939 | 182 | 236 | 196 |
F | 23.75 | 7.53 | 5.42 | 9.85 |
R 2 | 0.329 | 0.422 | 0.335 | 0.500 |