Table 5 Mechanism test.
Panel A | RISK | TFP_OP | TFP_LP |
|---|---|---|---|
FIN_S | 4.277*** | 0.098 | 0.098 |
(4.581) | (1.547) | (1.539) | |
RISK | 0.007*** | 0.007*** | |
(5.260) | (5.481) | ||
Control | YES | YES | YES |
η/μ | YES | YES | YES |
_cons | 23.987*** | −1.320*** | −1.416*** |
(9.933) | (−6.898) | (−7.399) | |
adj R2 | 0.433 | 0.778 | 0.783 |
N | 9385 | 9385 | 9385 |
Panel B | EP | TFP_OP | TFP_LP |
FIN_L | −0.663*** | −0.180 | −0.165 |
(−5.049) | (−1.131) | (−1.021) | |
EP | 0.695*** | 0.671*** | |
(28.176) | (26.480) | ||
Control | YES | YES | YES |
η/μ | YES | YES | YES |
_cons | 0.559*** | −1.627*** | −1.701*** |
(3.406) | (−10.249) | (−10.487) | |
Adj R2 | 0.385 | 0.848 | 0.846 |
N | 7036 | 7036 | 7036 |
