variable

(1)

(2)

(3)

(4)

accounts receivable

accounts payable

FDI × USMP

−0.956***

−0.779**

−0.049

−0.030

(−2.784)

(−2.266)

(−0.694)

(−0.420)

Constant

8.184

17.048*

20.452***

21.433***

(0.924)

(1.891)

(11.138)

(11.441)

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

0.705

0.707

0.581

0.582