variable

(1)

(2)

Reference group 1

Reference group 2

Full

Growing sample

Mature sample

Degenerating sample

lifecycle1

0.3120***

(0.0000)

lifecycle1

0.4004***

0.0884

(0.0000)

(0.1120)

lifecycle3

0.3120***

(0.0000)

fratio

0.0056**

0.004

0.0069*

0.0079

(0.0206)

(0.2380)

(0.0881)

(0.2316)

lev

0.0127***

0.0127***

0.0128***

0.0108***

0.0116***

0.0154***

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0002)

first

−0.0030*

−0.0030*

−0.0029*

−0.0051**

−0.0007

−0.002

(0.0780)

(0.0780)

(0.0849)

(0.0401)

(0.7832)

(0.6775)

polico

0.2681***

0.2681***

0.2749***

0.3561***

0.2134**

0.0661

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0140)

(0.6808)

ln_gdp

0.3433***

0.3433***

0.3322***

0.2546***

0.3763***

0.5451***

(0.0000)

(0.0000)

(0.0000)

(0.0085)

(0.0011)

(0.0062)

ln_asset

0.8441***

0.8441***

0.8641***

0.8407***

0.8529***

0.7717***

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0000)

(0.0000)

industry/year

control

control

control

control

control

control

N

5272

5272

5272

5272

5272

5272

adj. R−sq

0.188

0.188

0.185

0.200

0.194

0.124