| Input | ||||||||
| Growth period | Mature period | Recession period | ||||||
DIF | 0.035*** |
| 0.033*** | 0.056*** |
| 0.056*** | 0.048*** |
| 0.051*** |
| (3.34) |
| (3.19) | (7.98) |
| (8.30) | (4.03) |
| (4.29) |
Fin |
| 2.187*** |
|
| 3.599*** |
|
| 1.510*** |
|
|
| (5.49) |
|
| (11.44) |
|
| (3.49) |
|
DIF*Fin |
|
| 0.010 |
|
| 0.012** |
|
| −0.002 |
|
|
| (1.06) |
|
| (2.00) |
|
| (−0.15) |
Constant | 25.639*** | 26.016*** | 21.285*** | 13.962*** | 8.451** | 0.803 | 12.527 | 12.372 | 10.711 |
| (4.46) | (4.69) | (3.73) | (3.23) | (1.97) | (0.19) | (1.58) | (1.55) | (1.37) |
Controls | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES | YES | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES | YES | YES | YES | YES | YES |
N | 870 | 870 | 870 | 1899 | 1899 | 1899 | 447 | 447 | 447 |