variable | (3) | |||
Full sample | Growing sample | Mature sample | Degenerating sample | |
fceo | 0.1570* | −0.0339 | 0.3946*** | 0.1913 |
(0.0951) | (0.7993) | (0.0096) | (0.4775) | |
lev | −0.0130*** | −0.0109*** | 0.0115*** | −0.0162*** |
(0.0000) | (0.0000) | (0.0000) | (0.0001) | |
first | −0.0029* | −0.0049** | −0.0008 | −0.002 |
(0.0911) | (0.0494) | (0.7701) | (0.6781) | |
polico | 0.2702*** | 0.3572*** | 0.1943** | 0.0648 |
(0.0000) | (0.0000) | (0.0256) | (0.6871) | |
ln_gdp | 0.3466*** | 0.2659*** | 0.3994*** | 0.5651*** |
(0.0000) | (0.0058) | (0.0005) | (0.0046) | |
ln_asset | 0.8567*** | 0.8331*** | 0.8419*** | 0.7726*** |
(0.0000) | (0.0000) | (0.0000) | (0.0000) | |
industry/year | control | control | control | control |
N | 5272 | 5272 | 5272 | 5272 |
adj. R−sq | 0.185 | 0.199 | 0.196 | 0.123 |