variable

Dependent variable: net receivables/sales

(1)

(2)

(3)

(4)

(5)

(6)

Full sample

Excluding the financial crisis

USMP

1.016***

−0.129

1.001***

−0.225

(11.251)

(−0.718)

(10.849)

(−1.193)

USMP × RZ

0.010**

0.010**

0.012***

0.012***

(2.196)

(2.259)

(2.686)

(2.628)

Constant

−0.229

−9.140

−16.969

9.668

7.805

−7.570

(−0.035)

(−0.668)

(−1.027)

(1.395)

(0.528)

(−0.434)

Enterprise FE

yes

yes

yes

yes

yes

yes

Time FE

deny

deny

yes

deny

deny

yes

Control variables at the national level

yes

yes

yes

yes

yes

yes

Obs

15,117

4856

4856

14,232

4249

4249

R-squared

0.705

0.692

0.695

0.711

0.708

0.710