Independent variable

1^st Year

2^nd Year

3^rd Year

4^th Year

5^th Year

6^th Year

7^th Year

8^th Year

9^th Year

All Years

Constant

(0.000)

(0.129)

(0.052)

(0.000)

(0.743)

(0.619)

(0.000)

(0.000)

(0.000)

(0.000)

EBIT to Net Sales

−0.216

(0.001)

−0.097

(0.074)

0.168

(0.035)

0.235

(0.000)

0.348

(0.000)

0.240

(0.000)

0.303

(0.000)

0.411

(0.000)

0.137

(0.000)

0.101

(0.000)

Fixed Asset to Net Sales

0.124

(0.016)

0.100

(0.056)

0.726

(0.000)

0.655

(0.000)

0.537

(0.000)

0.505

(0.000)

0.478

(0.000)

0.846

(0.000)

0.021

(0.455)

0.313

(0.000)

Capex to Net Sales

0.591

(0.000)

0.643

(0.000)

−0.184

(0.283)

0.095

(0.061)

−0.153

(0.000)

−0.055

(0.042)

−0.020

(0.333)

−0.255

(0.000)

0.650

(0.000)

0.174

(0.000)

Shade of FDI Capital

−7.569

(0.000)

−9.752

(0.062)

11.374

(0.000)

9.768

(0.000)

19.429

(0.000)

−14.78

(0.000)

−3.686

(0.000)

BG Affiliation

−0.114

(0.10)

−0.059

(0.02)

−0.032

(0.06)

−0.013

(0.09)

−0.032

(0.030)

−0.55

(0.018)

−0.006

(0.07)

−0.027

(0.02)

−0.155

(0.00)

−0.031

(0.002)

Firm Status

7.589

(0.000)

0.004

(0.932)

9.7895

(0.061)

−11.35

(0.000)

0.016

(0.591)

0.014

(0.538)

−9.806

(0.000)

−19.512

(0.000)

14.85

(0.000)

3.702

(0.000)

N

296

265

131

538

680

1403

1807

1794

767

7689

R square

0.409

0.456

0.436

0.449

0.379

0.308

0.392

0.496

0.517

0.237

Adj R square

0.395

0.444

0.404

0.442

0.374

0.305

0.389

0.494

0.513

0.236