|
| (1) | (2) |
| First stage | Second stage | |
| variable | GAP | TFP_OP |
| GAPt-1 | 0.5468*** |
|
| (0.009) |
| |
| GAPt-2 | 0.2272*** |
|
| (0.009) |
| |
| GAP |
| 0.1724*** |
|
| (0.008) | |
| Constant term | 2.3134*** | 4.1796*** |
| (0.104) | (0.106) | |
| Controlled variable | √ | √ |
| Number of observed values | 11,672 | 11,672 |
| Goodness of fit | 0.597 | 0.578 |
| Time/industry FE | √ | √ |