variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Index of financial institutions

Financial Market Index

FDI × USMP

1.901*

1.685

−0.866

−0.753

(1.724)

(1.525)

(−1.327)

(−1.154)

FDI × USMP × fd

−6.758***

−6.026***

0.280

0.168

(−2.944)

(−2.622)

(0.187)

(0.112)

Constant

−36.625***

−27.398***

−21.874***

−16.338**

(−4.669)

(−3.402)

(−2.803)

(−2.072)

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

16,063

16,063

R-squared

0.711

0.712

0.710

0.712