Table 3. Determinants of TFP in low-tech...

Table 3.

Determinants of TFP in low-tech intensity industries

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.037***	0.055***	0.039***	0.031***	0.020***	0.014***
age	(0.004)	(0.006)	(0.004)	(0.002)	(0.002)	(0.003)
FF	−0.007	−0.004	−0.005	−0.002	−0.006	−0.016**
FF	(0.006)	(0.008)	(0.005)	(0.004)	(0.006)	(0.008)
International trade activities
ExpOnly	0.016***	0.027***	0.005	0.004	0.010*	0.012
	(0.007)	(0.009)	(0.005)	(0.005)	(0.006)	(0.009)
ImpOnly	0.009***	0.030***	0.012***	0.007	−0.006	0.001
	(0.003)	(0.006)	(0.004)	(0.004)	(0.004)	(0.006)
TWTraders	0.017***	0.033***	0.015***	0.006	−0.003	−0.002
	(0.005)	(0.006)	(0.004)	(0.005)	(0.006)	(0.009)
FDI	−0.001	−0.007	−0.000	−0.002	−0.004	−0.013
	(0.003)	(0.007)	(0.003)	(0.003)	(0.006)	(0.011)
Financial constraints
dte	0.003**	0.002	−0.002	−0.002	−0.001	−0.001
dte	(0.002)	(0.003)	(0.002)	(0.001)	(0.001)	(0.001)
credit	0.010***	0.018***	0.009***	0.008***	0.004**	0.001
credit	(0.002)	(0.003)	(0.002)	(0.002)	(0.002)	(0.003)
Competition intensity
HHI	−0.032***	0.017	−0.043***	−0.051***	−0.036***	−0.036***
	(0.007)	(0.017)	(0.011)	(0.009)	(0.009)	(0.010)
Observations	16,291
Panel B: TFP growth
Internal firm characteristics
age	−0.345***	−0.208***	−0.109***	−0.118***	−0.295***	−0.949***
age	(0.021)	(0.038)	(0.015)	(0.009)	(0.018)	(0.086)
FF	−0.047	−0.108	−0.037	−0.030*	−0.070**	0.024
FF	(0.060)	(0.069)	(0.025)	(0.016)	(0.029)	(0.095)
International trade activities
ExpOnly	0.016	0.079	0.022	0.032*	−0.024	−0.077
	(0.040)	(0.077)	(0.027)	(0.018)	(0.032)	(0.099)
ImpOnly	−0.030	0.046	0.003	−0.011	−0.082***	−0.281***
	(0.022)	(0.053)	(0.021)	(0.013)	(0.024)	(0.071)
TWTraders	−0.008	0.068	0.021	−0.004	−0.082***	−0.287***
	(0.035)	(0.070)	(0.028)	(0.019)	(0.030)	(0.091)
FDI	0.001	−0.062	−0.019	−0.004	0.027	0.060
	(0.032)	(0.069)	(0.029)	(0.021)	(0.030)	(0.085)
Financial constraints
dte	0.013	0.025	−0.007	0.002	0.002	0.044
dte	(0.013)	(0.020)	(0.008)	(0.005)	(0.009)	(0.031)
credit	−0.018	−0.035	−0.008	−0.008	−0.010	−0.074**
credit	(0.012)	(0.026)	(0.011)	(0.007)	(0.011)	(0.035)
Competition intensity
HHI	0.009	−0.064	0.101*	0.087***	0.102*	−0.110
HHI	(0.059)	(0.127)	(0.056)	(0.034)	(0.06)	(0.188)
Observations	13,221

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.037***	0.055***	0.039***	0.031***	0.020***	0.014***
age	(0.004)	(0.006)	(0.004)	(0.002)	(0.002)	(0.003)
FF	−0.007	−0.004	−0.005	−0.002	−0.006	−0.016**
FF	(0.006)	(0.008)	(0.005)	(0.004)	(0.006)	(0.008)
International trade activities
ExpOnly	0.016***	0.027***	0.005	0.004	0.010*	0.012
	(0.007)	(0.009)	(0.005)	(0.005)	(0.006)	(0.009)
ImpOnly	0.009***	0.030***	0.012***	0.007	−0.006	0.001
	(0.003)	(0.006)	(0.004)	(0.004)	(0.004)	(0.006)
TWTraders	0.017***	0.033***	0.015***	0.006	−0.003	−0.002
	(0.005)	(0.006)	(0.004)	(0.005)	(0.006)	(0.009)
FDI	−0.001	−0.007	−0.000	−0.002	−0.004	−0.013
	(0.003)	(0.007)	(0.003)	(0.003)	(0.006)	(0.011)
Financial constraints
dte	0.003**	0.002	−0.002	−0.002	−0.001	−0.001
dte	(0.002)	(0.003)	(0.002)	(0.001)	(0.001)	(0.001)
credit	0.010***	0.018***	0.009***	0.008***	0.004**	0.001
credit	(0.002)	(0.003)	(0.002)	(0.002)	(0.002)	(0.003)
Competition intensity
HHI	−0.032***	0.017	−0.043***	−0.051***	−0.036***	−0.036***
	(0.007)	(0.017)	(0.011)	(0.009)	(0.009)	(0.010)
Observations	16,291
Panel B: TFP growth
Internal firm characteristics
age	−0.345***	−0.208***	−0.109***	−0.118***	−0.295***	−0.949***
age	(0.021)	(0.038)	(0.015)	(0.009)	(0.018)	(0.086)
FF	−0.047	−0.108	−0.037	−0.030*	−0.070**	0.024
FF	(0.060)	(0.069)	(0.025)	(0.016)	(0.029)	(0.095)
International trade activities
ExpOnly	0.016	0.079	0.022	0.032*	−0.024	−0.077
	(0.040)	(0.077)	(0.027)	(0.018)	(0.032)	(0.099)
ImpOnly	−0.030	0.046	0.003	−0.011	−0.082***	−0.281***
	(0.022)	(0.053)	(0.021)	(0.013)	(0.024)	(0.071)
TWTraders	−0.008	0.068	0.021	−0.004	−0.082***	−0.287***
	(0.035)	(0.070)	(0.028)	(0.019)	(0.030)	(0.091)
FDI	0.001	−0.062	−0.019	−0.004	0.027	0.060
	(0.032)	(0.069)	(0.029)	(0.021)	(0.030)	(0.085)
Financial constraints
dte	0.013	0.025	−0.007	0.002	0.002	0.044
dte	(0.013)	(0.020)	(0.008)	(0.005)	(0.009)	(0.031)
credit	−0.018	−0.035	−0.008	−0.008	−0.010	−0.074**
credit	(0.012)	(0.026)	(0.011)	(0.007)	(0.011)	(0.035)
Competition intensity
HHI	0.009	−0.064	0.101*	0.087***	0.102*	−0.110
HHI	(0.059)	(0.127)	(0.056)	(0.034)	(0.06)	(0.188)
Observations	13,221

Notes:

Standard errors in parentheses are clustered at the firm level;

*p < 0.10;

**p < 0.05;

***p < 0.01

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