VARIABLES | Model 4.1a | Model 4.1b | Model 4.1c | Model 4.1d | Model 4.2a | Model 4.2b | Model 4.2c | Model 4.2d |
L. tech_ | 0.227*** | 0.246*** | 0.216*** | 0.236*** | 0.227*** | 0.246*** | 0.216*** | 0.236*** |
log_ldong_ | −0.025*** | −0.022*** |
|
| −0.029*** | −0.027*** |
|
|
age | −0.016*** | −0.012*** | −0.010*** | −0.007*** | −0.016*** | −0.012*** | −0.001*** | −0.001*** |
age 2 | −0.000** | −0.000*** | −0.000*** | −0.001*** | −0.000** | −0.000*** | −0.000*** | −0.001*** |
age 3 | 0.000* | 0.000** | 0.000*** | 0.000*** | 0.000* | 0.000** | 0.000*** | 0.000*** |
equity_to_assets_ | −0.022*** | −0.016*** | −0.025*** | −0.024*** | −0.022*** | −0.016*** | −0.025*** | −0.024*** |
roa_ | 0.033*** |
| 0.018*** |
| 0.033*** |
| 0.018*** |
|
wage_ | 0.000*** | 0.000*** | 0.001*** | 0.001*** | 0.000*** | 0.000*** | 0.001*** | 0.001*** |
grouptwo_l | −0.011*** | −0.011*** |
|
|
|
|
|
|
roe_ |
| 0.000*** |
| 0.000*** |
| 0.000*** |
| 0.000*** |
log_von_ |
|
| −0.023*** | −0.023*** |
|
| −0.023*** | −0.024*** |
grouptwo_k |
|
| 0.000 | −0.000 |
|
|
|
|
group 1_l |
|
|
|
| −0.010* | −0.008* |
|
|
group 2_l |
|
|
|
| 0.00827** | 0.010** |
|
|
Constant | 0.66*** | 0.62*** | 0.66*** | 0.64*** | 0.66*** | 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*** | 3.40*** | 3.46*** | 3.02*** | 3.83*** | 3.40*** |