VARIABLES

Model 2.1a

Model 2.1b

Model 2.1c

Model 2.1d

Model 2.2a

Model 2.2b

Model 2.2c

Model 2.2d

L. tech_

0.225^***

0.245^***

0.215^***

0.235^***

0.225^***

0.245^***

0.215^***

0.235^***

log_ldong_

−0.034^***

−0.032^***

−0.034^***

−0.032^***

age

−0.015^***

−0.012^***

−0.010^***

−0.007^***

−0.015^***

−0.012^***

−0.010^***

−0.007^***

age2

−0.000^***

−0.000^***

−0.000^***

−0.001^***

−0.000^***

−0.000^***

−0.000^***

−0.001^***

age3

0.000^**

0.000^***

0.000^***

0.000^***

0.000^**

0.000^***

0.000^***

0.000^***

equity_to_assets_

−0.021^***

−0.016^***

−0.024^***

−0.024^***

−0.021^***

−0.016^***

−0.024^***

−0.024^***

roa_

0.061^***

0.035^***

0.0614^***

0.035^***

wage_

0.000^***

0.000^***

0.001^***

0.001^***

0.000^***

0.000^***

0.001^***

0.001^***

grouptwo_roa

−0.035^***

−0.020^*

roe_

0.000^***

0.000^***

0.000^***

0.000^***

grouptwo_roe

−0.000^**

−0.000^***

log_von_

−0.023^***

−0.024^***

−0.023^***

−0.024^***

group 1_roa

−0.035^***

−0.020^*

group 1_roe

−0.000^**

−0.000^***

Constant

0.67^***

0.62^***

0.66^***

0.64^***

0.67^***

0.62^***

0.66^***

0.64^***

Observations

10,852

9762

10,852

9762

10,852

9762

10,852

9762

R-squared

0.22

0.21

0.25

0.25

0.22

0.21

0.25

0.25

Number of id

1392

1392

1392

1392

1392

1392

1392

1392

F test that all u_i = 0

3.47^***

3.03^***

3.83^***

3.41^***

3.47^***

3.03^***

3.83^***

3.41^***