Table 4. Determinants of TFP in...

Table 4.

Determinants of TFP in medium-low tech intensity industries

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.042***	0.057***	0.043***	0.038***	0.024***	0.022***
age	(0.004)	(0.008)	(0.004)	(0.003)	(0.003)	(0.003)
FF	−0.015**	−0.025**	−0.016**	−0.000	−0.001	0.003
FF	(0.007)	(0.011)	(0.006)	(0.006)	(0.008)	(0.010)
International trade activities
ExpOnly	0.008	0.009	0.014**	0.003	0.009	0.021
	(0.006)	(0.009)	(0.006)	(0.007)	(0.010)	(0.015)
ImpOnly	0.013***	0.032***	0.013**	0.013**	−0.001	0.007
	(0.005)	(0.010)	(0.006)	(0.005)	(0.005)	(0.006)
TWTraders	0.021***	0.038***	0.016***	0.019***	−0.002	0.003
	(0.008)	(0.010)	(0.005)	(0.006)	(0.009)	(0.014)
FDI	0.0002	−0.009	−0.002	0.006	0.015*	−0.020
	(0.004)	(0.009)	(0.004)	(0.004)	(0.008)	(0.015)
Financial constraints
dte	0.0001	−0.003	−0.005**	−0.002	−0.000	0.001
dte	(0.002)	(0.004)	(0.002)	(0.002)	(0.002)	(0.002)
credit	0.007***	0.015***	0.008***	0.006**	0.006**	0.004
credit	(0.002)	(0.004)	(0.003)	(0.002)	(0.002)	(0.003)
Competition intensity
HHI	−0.003	0.037**	0.010	−0.020**	−0.018**	−0.015
	(0.007)	(0.018)	(0.011)	(0.008)	(0.009)	(0.011)
Observations	9,846
Panel B: TFP growth
Internal firm characteristics
age	−0.360***	−0.206***	−0.141***	−0.130***	−0.355***	−0.690***
age	(0.031)	(0.055)	(0.025)	(0.013)	(0.031)	(0.076)
FF	0.017	0.010	0.035	0.009	−0.035	−0.038
FF	(0.057)	(0.100)	(0.050)	(0.030)	(0.050)	(0.105)
International trade activities
ExpOnly	−0.014	0.148	−0.053	−0.068*	−0.086	0.078
	(0.057)	(0.035)	(0.066)	(0.135)	(0.035)	(0.066)
ImpOnly	−0.016	0.094	0.024	−0.010	−0.119***	−0.094
	(0.031)	(0.085)	(0.035)	(0.023)	(0.042)	(0.084)
TWTraders	−0.065	0.110	0.034	−0.044	−0.135**	−0.193*
	(0.045)	(0.122)	(0.049)	(0.036)	(0.053)	(0.114)
FDI	−0.023	0.077	0.001	0.016	−0.041	−0.057
	(0.037)	(0.070)	(0.038)	(0.038)	(0.052)	(0.110)
Financial constraints
dte	0.001	−0.042	−0.019	−0.000	0.000	0.046
dte	(0.019)	(0.038)	(0.013)	(0.008)	(0.015)	(0.038)
credit	0.002	0.021	0.012	0.012	−0.010	−0.016
credit	(0.017)	(0.037)	(0.019)	(0.011)	(0.018)	(0.041)
Competition intensity
HHI	0.083	0.376**	0.218***	0.174***	−0.025	−0.184
HHI	(0.067)	(0.155)	(0.065)	(0.041)	(0.078)	(0.148)
Observations	7,942

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.042***	0.057***	0.043***	0.038***	0.024***	0.022***
age	(0.004)	(0.008)	(0.004)	(0.003)	(0.003)	(0.003)
FF	−0.015**	−0.025**	−0.016**	−0.000	−0.001	0.003
FF	(0.007)	(0.011)	(0.006)	(0.006)	(0.008)	(0.010)
International trade activities
ExpOnly	0.008	0.009	0.014**	0.003	0.009	0.021
	(0.006)	(0.009)	(0.006)	(0.007)	(0.010)	(0.015)
ImpOnly	0.013***	0.032***	0.013**	0.013**	−0.001	0.007
	(0.005)	(0.010)	(0.006)	(0.005)	(0.005)	(0.006)
TWTraders	0.021***	0.038***	0.016***	0.019***	−0.002	0.003
	(0.008)	(0.010)	(0.005)	(0.006)	(0.009)	(0.014)
FDI	0.0002	−0.009	−0.002	0.006	0.015*	−0.020
	(0.004)	(0.009)	(0.004)	(0.004)	(0.008)	(0.015)
Financial constraints
dte	0.0001	−0.003	−0.005**	−0.002	−0.000	0.001
dte	(0.002)	(0.004)	(0.002)	(0.002)	(0.002)	(0.002)
credit	0.007***	0.015***	0.008***	0.006**	0.006**	0.004
credit	(0.002)	(0.004)	(0.003)	(0.002)	(0.002)	(0.003)
Competition intensity
HHI	−0.003	0.037**	0.010	−0.020**	−0.018**	−0.015
	(0.007)	(0.018)	(0.011)	(0.008)	(0.009)	(0.011)
Observations	9,846
Panel B: TFP growth
Internal firm characteristics
age	−0.360***	−0.206***	−0.141***	−0.130***	−0.355***	−0.690***
age	(0.031)	(0.055)	(0.025)	(0.013)	(0.031)	(0.076)
FF	0.017	0.010	0.035	0.009	−0.035	−0.038
FF	(0.057)	(0.100)	(0.050)	(0.030)	(0.050)	(0.105)
International trade activities
ExpOnly	−0.014	0.148	−0.053	−0.068*	−0.086	0.078
	(0.057)	(0.035)	(0.066)	(0.135)	(0.035)	(0.066)
ImpOnly	−0.016	0.094	0.024	−0.010	−0.119***	−0.094
	(0.031)	(0.085)	(0.035)	(0.023)	(0.042)	(0.084)
TWTraders	−0.065	0.110	0.034	−0.044	−0.135**	−0.193*
	(0.045)	(0.122)	(0.049)	(0.036)	(0.053)	(0.114)
FDI	−0.023	0.077	0.001	0.016	−0.041	−0.057
	(0.037)	(0.070)	(0.038)	(0.038)	(0.052)	(0.110)
Financial constraints
dte	0.001	−0.042	−0.019	−0.000	0.000	0.046
dte	(0.019)	(0.038)	(0.013)	(0.008)	(0.015)	(0.038)
credit	0.002	0.021	0.012	0.012	−0.010	−0.016
credit	(0.017)	(0.037)	(0.019)	(0.011)	(0.018)	(0.041)
Competition intensity
HHI	0.083	0.376**	0.218***	0.174***	−0.025	−0.184
HHI	(0.067)	(0.155)	(0.065)	(0.041)	(0.078)	(0.148)
Observations	7,942

Notes:

Standard errors in parentheses are clustered at the firm level;

*p < 0.10;

**p < 0.05;

***p < 0.01

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