Table 4

Regression results of the impact of interaction on TFP

VariableCoeffT-valueCoeffT-value
Interact0.036***4.120.030***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  0.0210.23
Constant6.997***76.34−0.459−1.49
Year and IndYesYes
N16,66516,665
Adj·R20.1600.329
F-test54.82***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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