| Pool OLS | Pool OLS | FE | FE | Panel FE | Panel FE |
ΔCi,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) |
Ci,t−1ΔCi,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) |
Li,tΔCi,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) |
ΔEi,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) |
ΔNAi,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) |
ΔRDi,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) |
ΔIi,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) |
ΔDi,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) |
Ci,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) |
Li,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) |
NFi,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) |
PMCi,t | 0.029*** (4.33) | 0.031*** (4.65) | 0.037*** (4.29) | |||
PMCi,tΔCi,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% |