Regression results of the impact of interaction on TFP
| Variable | Coeff | T-value | Coeff | T-value |
|---|---|---|---|---|
| Interact | 0.036*** | 4.12 | 0.030*** | 3.81 |
| Size | 0.303*** | 25.04 | ||
| Lev | 1.205*** | 16.34 | ||
| Roa | 7.306*** | 22.41 | ||
| Cfo | −2.408*** | −13.99 | ||
| PB | 0.036*** | 7.83 | ||
| Exfin | 0.026*** | 18.64 | ||
| Top1 | −0.058 | −0.88 | ||
| Indep | −0.535*** | −2.61 | ||
| Board | −0.407*** | −6.77 | ||
| Exeshare | 0.451*** | 7.16 | ||
| Exepay | 0.080*** | 4.73 | ||
| Audit | 0.021 | 0.23 | ||
| Constant | 6.997*** | 76.34 | −0.459 | −1.49 |
| Year and Ind | Yes | Yes | ||
| N | 16,665 | 16,665 | ||
| Adj·R2 | 0.160 | 0.329 | ||
| F-test | 54.82*** | 119.34*** | ||
| Variable | Coeff | Coeff | ||
|---|---|---|---|---|
| 0.036*** | 4.12 | 0.030*** | 3.81 | |
| 0.303*** | 25.04 | |||
| 1.205*** | 16.34 | |||
| 7.306*** | 22.41 | |||
| −2.408*** | −13.99 | |||
| 0.036*** | 7.83 | |||
| 0.026*** | 18.64 | |||
| −0.058 | −0.88 | |||
| −0.535*** | −2.61 | |||
| −0.407*** | −6.77 | |||
| 0.451*** | 7.16 | |||
| 0.080*** | 4.73 | |||
| 0.021 | 0.23 | |||
| Constant | 6.997*** | 76.34 | −0.459 | −1.49 |
| Yes | Yes | |||
| 16,665 | 16,665 | |||
| Adj· | 0.160 | 0.329 | ||
| 54.82*** | 119.34*** | |||
Note(s): This table reports results from OLS regressions of Tfp on Interact and control variables. See Table 1 for detailed descriptions of all variables. All specifications include year and industry fixed effects. Standard errors after robust adjustment are clustered at the firm-year level. ***, ** and * indicate statistical significance at the 0.01, 0.05 and 0.10 levels, respectively (two-tailed tests)
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