Table 4 Robustness test.
Variables | Panel A: the length of the observation period | Panel B: Weighted technological overlap | ||
|---|---|---|---|---|
Two years | Four years | Five years | ||
(1) | (2) | (3) | (4) | |
Overlapijt−2 | 0.318*** (2.76) | |||
Overlapijt−3 | 0.229** (2.30) | 0.202*** (2.61) | ||
Overlapijt−4 | 0.240** (2.15) | |||
FEit,FEit,FEij | Yes | Yes | Yes | Yes |
N_clust | 18,166 | 18,166 | 18,166 | 18,166 |
r2_a | 0.220 | 0.409 | 0.507 | 0.314 |
N | 290,656 | 254,324 | 236,158 | 272,490 |