Table 2. Determinants of TFP in the...

Table 2.

Determinants of TFP in the manufacturing sector

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.040^***	0.055^***	0.041^***	0.035^***	0.023^***	0.017^***
age	(0.002)	(0.004)	(0.002)	(0.002)	(0.002)	(0.002)
FF	−0.010^**	−0.014^**	−0.009^***	−0.002	−0.001	−0.006
FF	(0.004)	(0.005)	(0.005)	(0.003)	(0.004)	(0.005)
International trade activities
ExpOnly	0.017^***	0.019^***	0.010^***	0.005	0.012^***	0.014^**
	(0.005)	(0.006)	(0.003)	(0.004)	(0.004)	(0.006)
ImpOnly	0.008^***	0.027^***	0.012^***	0.005^*	−0.007^**	−0.004
	(0.002)	(0.004)	(0.003)	(0.003)	(0.003)	(0.003)
TWTraders	0.018^***	0.031^***	0.015^***	0.006^*	−0.002	−0.005
	(0.002)	(0.004)	(0.003)	(0.003)	(0.004)	(0.006)
FDI	−0.000	−0.006	−0.003	0.002	0.004	−0.012
	(0.002)	(0.004)	(0.002)	(0.003)	(0.005)	(0.008)
Financial constraints
dte	−0.002	−0.001	−0.003^**	−0.002^*	−0.0004	0.0003
dte	(0.001)	(0.004)	(0.002)	(0.001)	(0.001)	(0.001)
credit	0.007^***	0.014^***	0.006^***	0.006^***	0.003^**	0.001
credit	(0.001)	(0.002)	(0.001)	(0.001)	(0.001)	(0.002)
Competition intensity
HHI	−0.012^***	0.008	−0.002	−0.021^***	−0.022^***	−0.009^*
	(0.001)	(0.007)	(0.004)	(0.004)	(0.005)	(0.005)
Observations	33,102
Panel B: TFP growth
Internal firm characteristics
age	−0.348^***	−0.190^***	−0.125^***	−0.119^***	−0.321^***	−0.887^***
age	(0.016)	(0.028)	(0.013)	(0.007)	(0.016)	(0.056)
FF	−0.020	−0.035	−0.016	−0.019	−0.040^*	0.001
FF	(0.038)	(0.051)	(0.021)	(0.012)	(0.024)	(0.069)
International trade activities
ExpOnly	0.023	0.122^**	0.0272	0.0161	−0.024	−0.018
	(0.029)	(0.057)	(0.023)	(0.014)	(0.028)	(0.065)
ImpOnly	−0.042^**	0.026	−0.003	−0.015	−0.103^***	−0.211^***
	(0.017)	(0.039)	(0.016)	(0.010)	(0.018)	(0.048)
TWTraders	−0.037	0.077	0.020	−0.024^*	−0.107^***	−0.221^***
	(0.025)	(0.050)	(0.023)	(0.014)	(0.023)	(0.066)
FDI	−0.0213	−0.0646	−0.0157	0.007	−0.018	−0.044
	(0.024)	(0.049)	(0.021)	(0.014)	(0.021)	(0.062)
Financial constraints
dte	0.011	0.014	−0.009	0.002	0.008	0.028
dte	(0.009)	(0.017)	(0.007)	(0.004)	(0.007)	(0.0217)
credit	−0.015^*	−0.028	−0.009	−0.005	−0.016^*	−0.054^**
credit	(0.009)	(0.018)	(0.008)	(0.005)	(0.009)	(0.024)
Competition intensity
HHI	−0.0429	−0.041	0.062^**	0.041^**	−0.028	−0.183^**
HHI	(0.030)	(0.070)	(0.029)	(0.016)	(0.030)	(0.081)
Observations	26,809

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.040^***	0.055^***	0.041^***	0.035^***	0.023^***	0.017^***
age	(0.002)	(0.004)	(0.002)	(0.002)	(0.002)	(0.002)
FF	−0.010^**	−0.014^**	−0.009^***	−0.002	−0.001	−0.006
FF	(0.004)	(0.005)	(0.005)	(0.003)	(0.004)	(0.005)
International trade activities
ExpOnly	0.017^***	0.019^***	0.010^***	0.005	0.012^***	0.014^**
	(0.005)	(0.006)	(0.003)	(0.004)	(0.004)	(0.006)
ImpOnly	0.008^***	0.027^***	0.012^***	0.005^*	−0.007^**	−0.004
	(0.002)	(0.004)	(0.003)	(0.003)	(0.003)	(0.003)
TWTraders	0.018^***	0.031^***	0.015^***	0.006^*	−0.002	−0.005
	(0.002)	(0.004)	(0.003)	(0.003)	(0.004)	(0.006)
FDI	−0.000	−0.006	−0.003	0.002	0.004	−0.012
	(0.002)	(0.004)	(0.002)	(0.003)	(0.005)	(0.008)
Financial constraints
dte	−0.002	−0.001	−0.003^**	−0.002^*	−0.0004	0.0003
dte	(0.001)	(0.004)	(0.002)	(0.001)	(0.001)	(0.001)
credit	0.007^***	0.014^***	0.006^***	0.006^***	0.003^**	0.001
credit	(0.001)	(0.002)	(0.001)	(0.001)	(0.001)	(0.002)
Competition intensity
HHI	−0.012^***	0.008	−0.002	−0.021^***	−0.022^***	−0.009^*
	(0.001)	(0.007)	(0.004)	(0.004)	(0.005)	(0.005)
Observations	33,102
Panel B: TFP growth
Internal firm characteristics
age	−0.348^***	−0.190^***	−0.125^***	−0.119^***	−0.321^***	−0.887^***
age	(0.016)	(0.028)	(0.013)	(0.007)	(0.016)	(0.056)
FF	−0.020	−0.035	−0.016	−0.019	−0.040^*	0.001
FF	(0.038)	(0.051)	(0.021)	(0.012)	(0.024)	(0.069)
International trade activities
ExpOnly	0.023	0.122^**	0.0272	0.0161	−0.024	−0.018
	(0.029)	(0.057)	(0.023)	(0.014)	(0.028)	(0.065)
ImpOnly	−0.042^**	0.026	−0.003	−0.015	−0.103^***	−0.211^***
	(0.017)	(0.039)	(0.016)	(0.010)	(0.018)	(0.048)
TWTraders	−0.037	0.077	0.020	−0.024^*	−0.107^***	−0.221^***
	(0.025)	(0.050)	(0.023)	(0.014)	(0.023)	(0.066)
FDI	−0.0213	−0.0646	−0.0157	0.007	−0.018	−0.044
	(0.024)	(0.049)	(0.021)	(0.014)	(0.021)	(0.062)
Financial constraints
dte	0.011	0.014	−0.009	0.002	0.008	0.028
dte	(0.009)	(0.017)	(0.007)	(0.004)	(0.007)	(0.0217)
credit	−0.015^*	−0.028	−0.009	−0.005	−0.016^*	−0.054^**
credit	(0.009)	(0.018)	(0.008)	(0.005)	(0.009)	(0.024)
Competition intensity
HHI	−0.0429	−0.041	0.062^**	0.041^**	−0.028	−0.183^**
HHI	(0.030)	(0.070)	(0.029)	(0.016)	(0.030)	(0.081)
Observations	26,809

Notes:

Standard errors in parentheses are clustered at the firm level;

p < 0.10;

p < 0.05;

***

p < 0.01

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