variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Benchmark regression

Eliminate the financial crisis

USMP

1.351***

1.311***

1.385***

1.306***

(11.144)

(9.958)

(11.310)

(9.739)

Constant

−17.873*

−3.972

−15.751*

4.619

(−1.936)

(−0.414)

(−1.653)

(0.457)

Enterprise FE

yes

yes

yes

yes

Time FE

deny

deny

deny

deny

Control variables at the national level

deny

yes

deny

yes

Obs

8146

8146

7659

7659

R-squared

0.697

0.699

0.703

0.706