Matching ratio

1:1

1:2

tfp

tfp

tfp

tfp

(1)

(2)

(3)

(4)

ofdi

0.183***

0.152***

0.190***

0.154***

(6.01)

(5.57)

(7.30)

(6.37)

size

0.040*

0.039**

(1.68)

(2.00)

age

0.163***

0.097**

(3.18)

(2.20)

lev

1.058***

0.897***

(8.97)

(8.62)

roa

0.495***

0.253**

(4.00)

(2.09)

growth

0.000*

0.042***

(1.74)

(3.28)

export

0.011***

0.008***

(3.66)

(3.55)

Constant term

7.611***

6.103***

7.618***

6.318***

(145.17)

(13.29)

(206.81)

(16.97)

Year

Yes

Yes

Yes

Yes

Enterprise

Yes

Yes

Yes

Yes

Observations

7393

7393

10,761

10,761

R²

0.275

0.380

0.272

0.372

F

67.047

58.118

92.572

75.125