Variable

Nationwide

Northeast

East

West

Central

EFF_t−1

−0.0589**

−0.3595***

−0.1528**

−0.0084

−0.0839***

(0.0240)

(0.0550)

(0.0710)

(0.0520)

(0.0180)

Patent

0.0015

−0.0382***

0.002

−0.0015

0.0595

(0.0050)

(0.0100)

(0.0080)

(0.0060)

(0.0480)

Energy

0.0413

−0.0011

0.0159

−0.0018

0.3608***

(0.0270)

(0.0960)

(0.0230)

(0.0490)

(0.1080)

Ownership

−0.0148

−0.3130***

0.0192

0.0296

0.0405