variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

(5)

(6)

Full sample

Excluding the financial crisis

USMP

1.016***

7.720***

1.001***

7.546***

(11.251)

(11.527)

(10.849)

(11.065)

USMP × size

−0.319***

−0.267***

−0.311***

−0.267***

(−10.102)

(−8.218)

(−9.685)

(−8.053)

Constant

−0.229

2.928

−19.796**

9.668

12.242*

−17.709**

(−0.035)

(0.446)

(−2.413)

(1.395)

(1.772)

(−2.079)

Enterprise FE

yes

yes

yes

yes

yes

yes

Time FE

no

no

yes

no

no

yes

Control variables at the national level

yes

yes

yes

yes

yes

yes

Obs

15,117

15,117

15,117

14,232

14,232

14,232

R-squared

0.705

0.707

0.712

0.711

0.713

0.717