VARIABLES

Model 4.1a

Model 4.1b

Model 4.1c

Model 4.1d

Model 4.2a

Model 4.2b

Model 4.2c

Model 4.2d

L. tech_

0.227^***

0.246^***

0.216^***

0.236^***

0.227^***

0.246^***

0.216^***

0.236^***

log_ldong_

−0.025^***

−0.022^***

−0.029^***

−0.027^***

age

−0.016^***

−0.012^***

−0.010^***

−0.007^***

−0.016^***

−0.012^***

−0.001^***

−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_

−0.022^***

−0.016^***

−0.025^***

−0.024^***

−0.022^***

−0.016^***

−0.025^***

−0.024^***

roa_

0.033^***

0.018^***

0.033^***

0.018^***

wage_

0.000^***

0.000^***

0.001^***

0.001^***

0.000^***

0.000^***

0.001^***

0.001^***

grouptwo_l

−0.011^***

−0.011^***

roe_

0.000^***

0.000^***

0.000^***

0.000^***

log_von_

−0.023^***

−0.023^***

−0.023^***

−0.024^***

grouptwo_k

0.000

−0.000

group 1_l

−0.010^*

−0.008^*

group 2_l

0.00827^**

0.010^**

Constant

0.66^***

0.62^***

0.66^***

0.64^***

0.66^***

0.62^***

0.66^***

0.64^***

Observations

10,852

9762

10,852

9762

10,852

9762

10,852

9762

R−squared

0.22

0.21

0.25

0.25

0.22

0.21

0.25

0.25

Number of id

1392

1392

1392

1392

1392

1392

1392

1392

F test that all u_i = 0

3.47^***

3.03^***

3.83^***

3.40^***

3.46^***

3.02^***

3.83^***

3.40^***