variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

Full sample

Excluding the financial crisis

FDI × USMP

−2.429***

−2.305***

−2.131***

−2.017***

(−4.295)

(−4.077)

(−3.674)

(−3.478)

FDI × USMP × erf

2.999***

3.011***

2.562***

2.611***

(3.204)

(3.220)

(2.659)

(2.713)

Constant

−29.032***

−20.625***

−27.521***

−18.598**

(−3.782)

(−2.627)

(−3.464)

(−2.283)

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

0.717

0.718