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*** | Â | Â | 2.549*** | 2.624*** |
(0.673) | (0.728) | (0.774) | Â | Â | (0.604) | (0.598) | |
cride | Â | Â | Â | 2.031** | 2.946*** | Â | Â |
 |  |  | (0.870) | (0.846) |  |  | |
lva | 0.909*** | 0.923*** | 0.716** | Â | 0.833*** | 0.781*** | 0.538** |
(0.215) | (0.168) | (0.281) | Â | (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) | Â | (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) | Â | (0.185) | (0.184) | (0.174) | |
lptf | 0.085* | 0.067* | 0.146*** | Â | 0.149*** | 0.143*** | 0.162*** |
(0.044) | (0.036) | (0.046) | Â | (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) | Â | (1.143) | (1.131) | (1.145) | |
open | 0.363 | 0.180 | 1.530 | Â | 0.057 | 0.641 | 0.982 |
(0.509) | (0.701) | (1.054) | Â | (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 |