Pool OLS

Pool OLS

FE

FE

Panel FE

Panel FE

ΔC_i,t

0.732***

(9.19)

0.617***

(6.55)

0.970***

(12.04)

0.848***

(8.59)

1.109***

(12.82)

0.969***

(9.57)

C_i,t−1ΔC_i,t

0.228

(1.11)

0.253

(1.23)

0.021

(0.10)

0.048

(0.24)

−0.031

(−0.14)

0.011

(0.05)

L_i,tΔC_i,t

−1.445***

(−7.20)

−1.423***

(−7.09)

−1.693***

(−8.47)

−1.667***

(−8.34)

−1.523***

(−7.14)

−1.493***

(−7.00)

ΔE_i,t

1.335***

(21.02)

1.331***

(20.99)

1.522***

(23.70)

1.520***

(23.7)

1.360***

(20.84)

1.358***

(20.82)

ΔNA_i,t

0.220***

(10.37)

0.220***

(10.48)

0.253***

(11.90)

0.255***

(12.01)

0.225***

(10.05)

0.224***

(10.0)

ΔRD_i,t

2.433***

(3.91)

2.408***

(3.88)

3.387***

(5.25)

3.402***

(5.28)

3.290***

(4.74)

3.290***

(4.74)

ΔI_i,t

0.235

(0.55)

0.227

(0.54)

−1.043**

(−2.37)

−1.057**

(−2.41)

−0.468

(−1.03)

−0.497

(−1.1)

ΔD_i,t

3.029***

(8.32)

3.066***

(8.42)

2.706***

(7.47)

2.743***

(7.57)

1.939***

(5.26)

1.933***

(5.25)

C_i,t−1

0.238***

(9.00)

0.244***

(9.22)

0.440***

(15.16)

0.447***

(15.43)

0.896***

(21.78)

0.895***

(21.77)

L_i,t

−0.452***

(−21.29)

−0.452***

(−21.31)

−0.627***

(−25.95)

−0.627***

(−25.99)

−1.052***

(−29.18)

−1.052***

(−29.21)

NF_i,t

0.009

(0.25)

0.013

(0.37)

0.095**

(2.59)

0.100***

(2.73)

0.085**

(2.18)

0.092**

(2.37)

PMC_i,t

0.029***

(4.33)

0.031***

(4.65)

0.037***

(4.29)

PMC_i,tΔC_i,t

0.213**

(2.32)

0.227**

(2.50)

0.248***

(2.57)

Industry effect

NO

NO

Yes

Yes

NO

NO

Year effect

NO

NO

Yes

Yes

Yes

Yes

Observations

14860

14860

14381

14381

14860

14860

R−square

12.17%

12.31%

16.52%

16.69%

18.15%

18.33%