| Pool OLS | Pool OLS | FE | FE | Panel FE | Panel FE |
ΔCi,t | 1.353*** (15.38) | 1.118*** (18.42) | 1.040*** (12.65) | 0.898*** (9.31) | 1.241*** (14.04) | 1.083*** (9.57) |
Ci,t−1ΔCi,t | −0.287 (−1.27) | −0.252 (−1.11) | −0.243 (−1.17) | −0.214 (−1.03) | −0.298 (−1.34) | −0.251 (−1.13) |
Li,tΔCi,t | −2.148*** (−9.69) | −2.114*** (−9.55) | −1.546*** (−7.58) | −1.514*** (−7.44) | −1.457*** (−6.69) | −1.421*** (−6.53) |
ΔEi,t | 1.553*** (22.13) | 1.547*** (22.09) | 1.520*** (23.35) | 1.527*** (23.36) | 1.356*** (20.34) | 1.353*** (20.32) |
ΔNAi,t | 0.233*** (9.69) | 0.236*** (10.13) | 0.220*** (10.18) | 0.224*** (10.38) | 0.207*** (9.07) | 0.207*** (9.04) |
ΔRDi,t | 2.433*** (3.91) | 3.932*** (5.74) | 3.396*** (5.16) | 3.342*** (5.22) | 3.623*** (5.10) | 3.628*** (5.12) |
ΔIi,t | 0.235 (0.55) | 0.235 (0.55) | −0.572 (−1.28) | −0.585 (−1.31) | 0.068 (0.15) | 0.035 ( 0.08) |
ΔDi,t | −4.377*** (9.35) | −4.384*** (−9.38) | 2.900*** (7.85) | 2.956*** (8.01) | 2.354*** (6.25) | 2.343*** (6.23) |
Ci,t−1 | 0.493*** (16.88) | 0.503*** (17.26) | 0.528*** (17.85) | 0.541*** (18.31) | 1.040*** (24.73) | 1.038*** (24.72) |
Li,t | −0.835*** (−35.60) | −0.835*** (−35.69) | −0.732*** (−29.74) | −0.733*** (−29.84) | −1.234*** (−33.49) | −1.235*** (−33.56) |
NFi,t | 0.256*** (6.37) | 0.264*** (6.57) | 0.124*** (3.33) | 0.133*** (3.56) | 0.125*** (3.13) | 0.134** (3.37) |
PMCi,t | 0.052*** (7.09) | 0.053*** (7.73) | 0.050*** (5.64) | |||
PMCi,tΔCi,t | 0.310*** (3.06) | 0.267*** (2.88) | 0.279*** (2.83) | |||
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 | 20.05% | 20.40% | 35.42% | 35.75% | 38.08% | 38.29% |