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