(1)

(2)

(6)

(11)

(16)

VARIABLES

OLS vce (robust)

Increase in production

Clients demand

Faster response to changes in production

Reduction in Production Cost

TRM new

0.144

1.173

1.540

1.076

2.013***

(0.119)

(0.349)

(0.503)

(0.372)

(0.725)

STM new

0.154

2.920*

3.488*

1.881**

1.307

(0.094)

(0.739)

(1.135)

(0.572)

(0.379)

FM new

0.419*

4.011*

5.958*

3.781*

1.062

(0.072)

(1.492)

(2.082)

(0.916)

(0.283)

Increase in production

.

Constant

0.867*

(0.299)

Observations

260

260

260

260

260

R-squared

0.273

r2_p

.

0.208

0.291

0.139

0.0456