Pool OLS

Pool OLS

FE

FE

Panel FE

Panel FE

ΔC_i,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)

C_i,t−1ΔC_i,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)

L_i,tΔC_i,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)

ΔE_i,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)

ΔNA_i,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)

ΔRD_i,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)

ΔI_i,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)

ΔD_i,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)

C_i,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)

L_i,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)

NF_i,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)

PMC_i,t

0.052***

(7.09)

0.053***

(7.73)

0.050***

(5.64)

PMC_i,tΔC_i,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%