VARIABLES

Model 3.1a

Model 3.1b

Model 3.1c

Model 3.1d

Model 3.2a

Model 3.2b

Model 3.2c

Model 3.2d

L. tech_

0.227^***

0.246^***

0.216^***

0.236^***

0.227^***

0.246^***

0.217^***

0.236^***

log_ldong_

−0.034^***

−0.032^***

−0.034^***

−0.032^***

age

−0.015^***

−0.012^***

−0.010^***

−0.008^***

−0.015^***

−0.012^***

−0.010^***

−0.001^***

age 2

−0.000^**

−0.000^***

−0.000^***

−0.001^***

−0.000^**

−0.000^***

−0.000^***

−0.001^***

age 3

0.000^*

0.000^**

0.000^***

0.000^***

0.000^*

0.000^**

0.000^***

0.000^***

equity_to_assets_

−0.001

−0.000

−0.001

−0.038^***

−0.028^***

−0.044^***

−0.045^***

roa_

0.036^***

0.021^***

0.036^***

0.021^***

wage_

0.000^***

0.000^***

0.001^***

0.001^***

0.000^***

0.000^***

0.001^***

0.001^***

grouptwo_eta

−0.037^***

−0.025^***

−0.043^***

−0.045^***

roe_

0.000^***

0.000^***

0.000^***

0.000^***

log_von_

−0.023^***

−0.024^***

−0.023^***

−0.024^***

group 2_eta

0.039^***

0.029^***

0.046^***

0.050^***

Constant

0.67^***

0.63^***

0.66^***

0.65^***

0.67^***

0.63^***

0.67^***

0.66^***

Observations

10,852

9762

10,852

9762

10,852

9762

10,852

9762

R−squared

0.22

0.21

0.26

0.25

0.22

0.21

0.26

0.25

Number of id

1392

1392

1392

1392

1392

1392

1392

1392

F test that all u_i = 0

3.46^***

3.02^***

3.82^***

3.41^***

3.47^**

3.03^***

3.84^***

3.42^***