variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Full sample

Excluding the financial crisis

FDI × USMP

1.301

1.207

1.598

1.477

(1.271)

(1.177)

(1.526)

(1.409)

FDI × USMP × fd

−4.700**

−4.326*

−5.211**

−4.789**

(−2.030)

(−1.867)

(−2.203)

(−2.023)

Constant

−19.763**

−11.688

−17.923**

−9.472

(−2.529)

(−1.472)

(−2.211)

(−1.146)

Enterprise FE

yes

yes

yes

yes

Time FE

yes

yes

yes

yes

Control variables at the national level

no

yes

no

yes

Obs

16,063

16,063

15,098

15,098

R-squared

0.710

0.712

0.715

0.717