Table 4 Robustness tests.
Panel A | OLS method re-measures TFP | |||||
|---|---|---|---|---|---|---|
TEP_OLS | TEP_OLS | TEP_OLS | ||||
FIN_S | 0.187* | |||||
(1.864) | ||||||
FIN_L | −0.836*** | |||||
(−4.063) | ||||||
FIN | 1.327*** | |||||
(6.075) | ||||||
FIN_SQ | −2.222*** | |||||
(−7.123) | ||||||
Control | YES | YES | YES | |||
η/μ | YES | YES | YES | |||
_cons | −7.599*** | −7.443*** | −7.767*** | |||
(−25.080) | (−24.876) | (−25.931) | ||||
Adj R2 | 0.809 | 0.810 | 0.812 | |||
N | 7039 | 7039 | 7039 | |||
Panel B | One-period lagged regression of the dependent variable | |||||
L.TFP_OP | L.TFP_LP | L.TFP_OP | L.TFP_LP | L.TFP_OP | L.TFP_LP | |
FIN_S | 0.233*** | 0.230*** | ||||
(2.931) | (2.872) | |||||
FIN_L | −0.421** (−2.361) | −0.389** | ||||
(−2.168) | ||||||
FIN | 0.638*** | 0.637*** | ||||
(3.286) | (3.299) | |||||
FIN_SQ | −0.902*** | −0.893*** | ||||
(−3.099) | (−3.089) | |||||
Control | YES | YES | YES | YES | YES | YES |
η/μ | YES | YES | YES | YES | YES | YES |
_cons | −1.488*** | −1.598*** | −1.354*** | −1.469*** | −1.542*** | −1.655*** |
(−6.157) | (−6.594) | (−5.670) | (−6.140) | (−6.265) | (−6.701) | |
Adj R2 | 0.713 | 0.719 | 0.713 | 0.719 | 0.713 | 0.719 |
N | 7039 | 7039 | 7039 | 7039 | 7039 | 7039 |
Panel C | Controlling for province-fixed effects | |||||
TFP_OP | TFP_LP | TFP_OP | TFP_LP | TFP_OP | TFP_LP | |
FIN_S | 0.126** | 0.127** | ||||
(2.063) | (2.070) | |||||
FIN_L | −0.806*** | −0.771*** | ||||
(−5.284) | (−5.035) | |||||
FIN | 0.234* | 0.254* | ||||
(1.708) | (1.862) | |||||
FIN_SQ | −0.498*** | −0.515*** | ||||
(−2.710) | (−2.822) | |||||
Control | YES | YES | YES | YES | YES | YES |
PROV | YES | YES | YES | YES | YES | YES |
η/μ | YES | YES | YES | YES | YES | YES |
_cons | −0.765*** | −0.851*** | −0.700*** | −0.787*** | −0.729*** | −0.820*** |
(−4.068) | (−4.525) | (−3.828) | (−4.301) | (−3.843) | (−4.324) | |
Adj R2 | 0.788 | 0.792 | 0.790 | 0.794 | 0.788 | 0.793 |
N | 9640 | 9640 | 9640 | 9640 | 9640 | 9640 |
