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 |