Table 5. Determinants of TFP in...

Table 5.

Determinants of TFP in medium-high and high-tech intensity industries

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.038***	0.059***	0.041***	0.037***	0.022***	0.016***
age	(0.004)	(0.009)	(0.004)	(0.004)	(0.004)	(0.005)
FF	−0.009	−0.017	−0.003	0.002	0.003	−0.001
FF	(0.009)	(0.011)	(0.006)	(0.009)	(0.010)	(0.013)
International trade activities
ExpOnly	0.024*	0.024**	0.014*	0.006	0.002	0.018
	(0.007)	(0.009)	(0.009)	(0.013)	(0.009)	(0.009)
ImpOnly	0.001	0.019**	0.008	−0.008	−0.015**	−0.016**
	(0.006)	(0.008)	(0.005)	(0.006)	(0.006)	(0.007)
TWTraders	0.009	0.023**	0.013**	−0.012*	−0.010	−0.004
	(0.007)	(0.009)	(0.006)	(0.007)	(0.009)	(0.012)
FDI	0.0001	−0.016*	−0.004	0.005	0.009	−0.003
	(0.006)	(0.009)	(0.004)	(0.006)	(0.009)	(0.018)
Financial constraints
dte	0.001	−0.002	−0.002	−0.002	−0.002	0.001
dte	(0.002)	(0.005)	(0.002)	(0.002)	(0.002)	(0.002)
credit	0.001	0.010**	0.002	0.003	−0.003	−0.001
credit	(0.002)	(0.004)	(0.003)	(0.003)	(0.003)	(0.004)
Competition intensity
HHI	−0.008	0.010	0.004	−0.011**	−0.016**	−0.006
	(0.005)	(0.010)	(0.006)	(0.006)	(0.007)	(0.007)
Observations	6,965
Panel B: TFP growth
Internal firm characteristics
age	−0.324***	−0.144*	−0.123***	−0.113***	−0.303***	−0.858***
age	(0.035)	(0.075)	(0.0231)	(0.01)	(0.035)	(0.145)
FF	0.002	0.067	−0.034	−0.028	0.011	0.063
FF	(0.067)	(0.127)	(0.048)	(0.034)	(0.058)	(0.177)
International trade activities
ExpOnly	0.105*	0.281**	0.108**	0.085**	0.068	−0.014
	(0.052)	(0.036)	(0.063)	(0.190)	(0.036)	(0.063)
ImpOnly	−0.117***	−0.154	−0.042	−0.053**	−0.098***	−0.243**
	(0.044)	(0.095)	(0.036)	(0.026)	(0.038)	(0.108)
TWTraders	−0.070	−0.043	−0.027	−0.040	−0.102**	−0.135
	(0.058)	(0.128)	(0.048)	(0.036)	(0.048)	(0.146)
FDI	−0.111	−0.129	−0.048	−0.005	−0.080*	−0.167
	(0.060)	(0.112)	(0.048)	(0.039)	(0.048)	(0.155)
Financial constraints
dte	0.020	0.065*	0.006	0.013	0.010	−0.020
dte	(0.020)	(0.039)	(0.015)	(0.009)	(0.016)	(0.051)
credit	−0.039**	−0.084*	−0.047***	−0.028**	−0.028	−0.083
credit	(0.019)	(0.046)	(0.018)	(0.011)	(0.020)	(0.057)
Competition intensity
HHI	−0.098**	−0.159	−0.025	−0.000	−0.081*	−0.155
HHI	(0.044)	(0.114)	(0.040)	(0.023)	(0.044)	(0.125)
Observations	5,646

	OLS-FE	Q10	Q25	Q50	Q75	Q90
Panel A: TFP level
Internal firm characteristics
age	0.038***	0.059***	0.041***	0.037***	0.022***	0.016***
age	(0.004)	(0.009)	(0.004)	(0.004)	(0.004)	(0.005)
FF	−0.009	−0.017	−0.003	0.002	0.003	−0.001
FF	(0.009)	(0.011)	(0.006)	(0.009)	(0.010)	(0.013)
International trade activities
ExpOnly	0.024*	0.024**	0.014*	0.006	0.002	0.018
	(0.007)	(0.009)	(0.009)	(0.013)	(0.009)	(0.009)
ImpOnly	0.001	0.019**	0.008	−0.008	−0.015**	−0.016**
	(0.006)	(0.008)	(0.005)	(0.006)	(0.006)	(0.007)
TWTraders	0.009	0.023**	0.013**	−0.012*	−0.010	−0.004
	(0.007)	(0.009)	(0.006)	(0.007)	(0.009)	(0.012)
FDI	0.0001	−0.016*	−0.004	0.005	0.009	−0.003
	(0.006)	(0.009)	(0.004)	(0.006)	(0.009)	(0.018)
Financial constraints
dte	0.001	−0.002	−0.002	−0.002	−0.002	0.001
dte	(0.002)	(0.005)	(0.002)	(0.002)	(0.002)	(0.002)
credit	0.001	0.010**	0.002	0.003	−0.003	−0.001
credit	(0.002)	(0.004)	(0.003)	(0.003)	(0.003)	(0.004)
Competition intensity
HHI	−0.008	0.010	0.004	−0.011**	−0.016**	−0.006
	(0.005)	(0.010)	(0.006)	(0.006)	(0.007)	(0.007)
Observations	6,965
Panel B: TFP growth
Internal firm characteristics
age	−0.324***	−0.144*	−0.123***	−0.113***	−0.303***	−0.858***
age	(0.035)	(0.075)	(0.0231)	(0.01)	(0.035)	(0.145)
FF	0.002	0.067	−0.034	−0.028	0.011	0.063
FF	(0.067)	(0.127)	(0.048)	(0.034)	(0.058)	(0.177)
International trade activities
ExpOnly	0.105*	0.281**	0.108**	0.085**	0.068	−0.014
	(0.052)	(0.036)	(0.063)	(0.190)	(0.036)	(0.063)
ImpOnly	−0.117***	−0.154	−0.042	−0.053**	−0.098***	−0.243**
	(0.044)	(0.095)	(0.036)	(0.026)	(0.038)	(0.108)
TWTraders	−0.070	−0.043	−0.027	−0.040	−0.102**	−0.135
	(0.058)	(0.128)	(0.048)	(0.036)	(0.048)	(0.146)
FDI	−0.111	−0.129	−0.048	−0.005	−0.080*	−0.167
	(0.060)	(0.112)	(0.048)	(0.039)	(0.048)	(0.155)
Financial constraints
dte	0.020	0.065*	0.006	0.013	0.010	−0.020
dte	(0.020)	(0.039)	(0.015)	(0.009)	(0.016)	(0.051)
credit	−0.039**	−0.084*	−0.047***	−0.028**	−0.028	−0.083
credit	(0.019)	(0.046)	(0.018)	(0.011)	(0.020)	(0.057)
Competition intensity
HHI	−0.098**	−0.159	−0.025	−0.000	−0.081*	−0.155
HHI	(0.044)	(0.114)	(0.040)	(0.023)	(0.044)	(0.125)
Observations	5,646

Notes:

Standard errors in parentheses are clustered at the firm level;

*p < 0.10;

**p < 0.05;

***p < 0.01

[ViewLarge]

Sharing Unavailable