variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Benchmark regression

Eliminate the financial crisis

FDI × USMP

−0.983***

−0.815***

−0.916***

−0.739**

(−3.294)

(−2.727)

(−3.000)

(−2.418)

Constant

−25.741***

−17.174**

−24.171***

−15.120*

(−3.344)

(−2.193)

(−3.034)

(−1.859)

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

0.709

0.711

0.715

0.716