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