variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Full sample

Excluding the financial crisis

FDI × USMP

−1.741***

−1.461***

−1.499***

−1.202**

(−3.629)

(−3.043)

(−3.042)

(−2.435)

FDI × USMP × SA

0.222***

0.192**

0.190**

0.157*

(2.844)

(2.458)

(2.370)

(1.958)

Constant

−198.172***

−188.588***

−193.039***

−182.615***

(−8.049)

(−7.664)

(−7.652)

(−7.240)

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

0.712

0.713

0.718

0.719