Table 1 Firm TFP and the role of...

Table 1

Firm TFP and the role of ownership, network and age. Estimations from a Poisson random effect model

	Model 1	Model 2	Model 3	Model 4
Panel A: Estimated Coefficients
Family	−0.101^***	−0.101^***	−0.101^***	−0.128^***
Family	(0.0084)	(0.0084)	(0.0084)	(0.0202)
Network	0.0144	0.0258	−0.0378	0.0302
Network	(0.0127)	(0.0176)	(0.0322)	(0.0418)
Age	−0.00119^***	−0.00119^***	−0.00122^***	−0.00164^***
Age	(0.0003)	(0.0003)	(0.0003)	(0.0004)
Intangible Assets	−0.000150	−0.000153	−0.000125	−0.000126
Intangible Assets	(0.0013)	(0.0013)	(0.0013)	(0.0013)
Labor Unit Cost	0.323^***	0.323^***	0.323^***	0.322^***
Labor Unit Cost	(0.0182)	(0.0182)	(0.0182)	(0.0182)
Medium-Large	−0.0587^***	−0.0587^***	−0.0588^***	−0.0593^***
Medium-Large	(0.0088)	(0.0088)	(0.0088)	(0.0088)
Family*Network		−0.0227		−0.150^**
Family*Network		(0.0251)		(0.0619)
Network*Age			0.00162^*	−0.0000817
Network*Age			(0.0009)	(0.0011)
Family*Age				0.000847
Family*Age				(0.0006)
FamilyAgeNetwork				0.00382^**
FamilyAgeNetwork				(0.0017)
Constant	0.344^*	0.344^*	0.346^*	0.360^*
Constant	(0.1993)	(0.1993)	(0.1993)	(0.1989)
Ln(α)	−2.540^***	−2.540^***	−2.540^***	−2.541^***
Ln(α)	(0.1806)	(0.1807)	(0.1806)	(0.1806)
Observations	50024	50024	50024	50024
Chi-squared	4017221.9	4016746.1	4018480.3	4045570.0
p-value for model test	0	0	0	0
Panel B: Average Marginal Effects
Family	−4.513^***	−4.513^***	−4.512^***	−4.532^***
Family	(0.3799)	(0.3799)	(0.3800)	(0.3792)
Network	0.644	0.630	0.583	0.646
Network	(0.5692)	(0.5692)	(0.5674)	(0.5605)
Age	−0.0529^***	−0.0530^***	−0.0524^***	−0.0514^***
Age	(0.0118)	(0.0118)	(0.0118)	(0.0117)
Intangible Assets	−0.00666	−0.00677	−0.00556	−0.00560
Intangible Assets	(0.0591)	(0.0591)	(0.0591)	(0.0591)
Labor Unit Cost	14.31^***	14.31^***	14.31^***	14.30^***
Labor Unit Cost	(0.7892)	(0.7894)	(0.7894)	(0.7879)
Medium-Large	−2.618^***	−2.617^***	−2.622^***	−2.643^***
Medium-Large	(0.3961)	(0.3962)	(0.3963)	(0.3960)

	Model 1	Model 2	Model 3	Model 4
Panel A: Estimated Coefficients
Family	−0.101^***	−0.101^***	−0.101^***	−0.128^***
Family	(0.0084)	(0.0084)	(0.0084)	(0.0202)
Network	0.0144	0.0258	−0.0378	0.0302
Network	(0.0127)	(0.0176)	(0.0322)	(0.0418)
Age	−0.00119^***	−0.00119^***	−0.00122^***	−0.00164^***
Age	(0.0003)	(0.0003)	(0.0003)	(0.0004)
Intangible Assets	−0.000150	−0.000153	−0.000125	−0.000126
Intangible Assets	(0.0013)	(0.0013)	(0.0013)	(0.0013)
Labor Unit Cost	0.323^***	0.323^***	0.323^***	0.322^***
Labor Unit Cost	(0.0182)	(0.0182)	(0.0182)	(0.0182)
Medium-Large	−0.0587^***	−0.0587^***	−0.0588^***	−0.0593^***
Medium-Large	(0.0088)	(0.0088)	(0.0088)	(0.0088)
Family*Network		−0.0227		−0.150^**
Family*Network		(0.0251)		(0.0619)
Network*Age			0.00162^*	−0.0000817
Network*Age			(0.0009)	(0.0011)
Family*Age				0.000847
Family*Age				(0.0006)
FamilyAgeNetwork				0.00382^**
FamilyAgeNetwork				(0.0017)
Constant	0.344^*	0.344^*	0.346^*	0.360^*
Constant	(0.1993)	(0.1993)	(0.1993)	(0.1989)
Ln(α)	−2.540^***	−2.540^***	−2.540^***	−2.541^***
Ln(α)	(0.1806)	(0.1807)	(0.1806)	(0.1806)
Observations	50024	50024	50024	50024
Chi-squared	4017221.9	4016746.1	4018480.3	4045570.0
p-value for model test	0	0	0	0
Panel B: Average Marginal Effects
Family	−4.513^***	−4.513^***	−4.512^***	−4.532^***
Family	(0.3799)	(0.3799)	(0.3800)	(0.3792)
Network	0.644	0.630	0.583	0.646
Network	(0.5692)	(0.5692)	(0.5674)	(0.5605)
Age	−0.0529^***	−0.0530^***	−0.0524^***	−0.0514^***
Age	(0.0118)	(0.0118)	(0.0118)	(0.0117)
Intangible Assets	−0.00666	−0.00677	−0.00556	−0.00560
Intangible Assets	(0.0591)	(0.0591)	(0.0591)	(0.0591)
Labor Unit Cost	14.31^***	14.31^***	14.31^***	14.30^***
Labor Unit Cost	(0.7892)	(0.7894)	(0.7894)	(0.7879)
Medium-Large	−2.618^***	−2.617^***	−2.622^***	−2.643^***
Medium-Large	(0.3961)	(0.3962)	(0.3963)	(0.3960)

Note(s): Robust standard errors (clustered at firm level) in parentheses. Year, industry (NACE two-digit) and regional (NUTS 2) fixed effects included. ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

Source(s): Authors' own creation

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