Without Firm TFP

With Firm TFP

(1)

(2)

(3)

(4)

(5)

(6)

Capital-Labour ratio—1-year lag

0.87*** (0.024)

0.87*** (0.024)

0.87*** (0.024)

0.87*** (0.023)

0.87*** (0.023)

0.88*** (0.022)

Firm TFP

0.025 (0.078)

0.00095 (0.074)

−0.039 (0.072)

Physical Infrastructure

0.064** (0.027)

0.067** (0.027)

0.068** (0.028)

0.049** (0.025)

0.054** (0.025)

0.052* (0.026)

Banking Infrastructure

0.075*** (0.025)

0.072*** (0.025)

0.067*** (0.024)

0.065*** (0.025)

0.063** (0.025)

0.057** (0.024)

Labour Disputes

0.029 (0.032)

0.032 (0.029)

Labour Disputes—1-year lag

0.014 (0.029)

0.0094 (0.033)

Labour Disputes—2-years lag

−0.024 (0.021)

−0.024 (0.028)

Labour Disputes Interacted with Group Dummies

Group 1

−0.010 (0.033)

0.0011 (0.030)

0.034 (0.023)

−0.017 (0.030)

0.0018 (0.033)

0.029 (0.028)

Group 2

−0.043 (0.038)

−0.024 (0.034)

0.022 (0.031)

−0.059 (0.038)

−0.031 (0.034)

0.0042 (0.034)

Group 3

−0.052 (0.035)

−0.035 (0.032)

0.0064 (0.021)

−0.053 (0.034)

−0.029 (0.034)

0.012 (0.026)

Number of observations

1220

1225

1225

1140

1150

1155

F-statistic

616.1

592.3

626.8

783.8

727.8

693.4

Prob > F

0.00

0.00

0.00

0.00

0.00

0.00

R-squared

0.89

0.89

0.89

0.89

0.89

0.89

Root MSE

0.31

0.32

0.32

0.31

0.31

0.31