Without Firm TFP

With Firm TFP

(1)

(2)

(3)

(4)

(5)

(6)

Capital-Labour ratio—1-year lag

0.78*** (0.052)

0.78*** (0.051)

0.78*** (0.052)

0.77*** (0.051)

0.78*** (0.051)

0.77*** (0.052)

Firm TFP

0.17 (0.11)

0.17 (0.11)

0.16 (0.11)

Physical Infrastructure

0.098** (0.043)

0.088** (0.044)

0.093** (0.045)

0.093** (0.043)

0.083* (0.044)

0.089* (0.045)

Banking Infrastructure

0.087*** (0.031)

0.094*** (0.030)

0.090*** (0.032)

0.080** (0.031)

0.087*** (0.030)

0.082** (0.032)