Table 6 Robustness test.
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
gtfp | gtfp | gtfp | gtfp | gtfp | gtfp | gtfp | |
ide | 2.068*** | 2.091*** | 2.473*** | 2.549*** | 2.624*** | ||
(0.673) | (0.728) | (0.774) | (0.604) | (0.598) | |||
cride | 2.031** | 2.946*** | |||||
(0.870) | (0.846) | ||||||
lva | 0.909*** | 0.923*** | 0.716** | 0.833*** | 0.781*** | 0.538** | |
(0.215) | (0.168) | (0.281) | (0.259) | (0.262) | (0.261) | ||
lrd | 0.078 | − 0.061 | 0.417** | 0.348** | 0.411** | 0.516*** | |
(0.154) | (0.135) | (0.172) | (0.162) | (0.165) | (0.174) | ||
llab | − 0.390*** | − 0.325*** | − 0.495** | − 0.475** | − 0.533*** | − 0.624*** | |
(0.145) | (0.111) | (0.195) | (0.185) | (0.184) | (0.174) | ||
lptf | 0.085* | 0.067* | 0.146*** | 0.149*** | 0.143*** | 0.162*** | |
(0.044) | (0.036) | (0.046) | (0.044) | (0.043) | (0.045) | ||
market | − 1.647 | − 2.219** | − 1.187 | − 1.515 | − 1.048 | − 0.540 | |
(1.012) | (0.923) | (1.199) | (1.143) | (1.131) | (1.145) | ||
open | 0.363 | 0.180 | 1.530 | 0.057 | 0.641 | 0.982 | |
(0.509) | (0.701) | (1.054) | (0.523) | (0.512) | (0.652) | ||
_cons | − 4.681*** | − 4.259*** | − 5.102*** | 0.384 | − 5.832*** | − 5.170*** | − 3.839** |
(1.418) | (1.157) | (1.779) | (0.276) | (1.677) | (1.705) | (1.856) | |
N | 207 | 161 | 231 | 253 | 253 | 253 | 253 |
R2 | 0.644 | 0.645 | 0.716 | 0.657 | 0.719 | 0.726 | 0.726 |
Id FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |