Variable

Model 1a

Model 1b

Model 1c

Model 1d

L.tech_

0.226^***

0.246^***

0.216^***

0.236^***

log_ldong_

−0.034^***

−0.032^***

age

−0.015^***

−0.012^***

−0.010^***

−0.007^***

age 2

−0.000^**

−0.000^***

−0.000^***

−0.001^***

age 3

0.000^*

0.000^***

0.000^***

0.000^***

equity_to_assets_

−0.022^***

−0.016^***

−0.025^***

−0.0236^***

roa_

0.033^***

0.018^***

wage_

0.000^***

0.000^***

0.001^***

0.001^***

roe_

0.000^***

0.000^***

log_von_

−0.023^***

−0.024^***

Constant

0.66^***

0.62^***

0.66^***

0.64^***

Observations

10,852

9,762

10,852

9,762

R-squared

0.219

0.205

0.254

0.245

Number of id

1,392

1,392

1,392

1,392

F test that all u_i = 0

3.46^***

3.02^***

3.83^***

3.41^***