Table 4 Effects of outsourcing...

Table 4

Effects of outsourcing expenditure on TFP

Variables	(1)	(2)	(3)
Variables	OLS	FE	Driscoll Kraay
Outsourcing expenditure intensity	0.308** (0.133)	0.200 (0.320)	0.334*** (0.096)
Firm age	−0.001	0.006	0.004***
Firm age	(0.001)	(0.005)	(0.001)
Firm size	0.017***	0.047**	0.028**
Firm size	(0.005)	(0.023)	(0.014)
Capital structure	0.064***	0.123**	0.091***
Capital structure	(0.025)	(0.050)	(0.030)
Dummy innovation	0.019	0.004	0.020
Dummy innovation	(0.022)	(0.053)	(0.035)
Constant	1.121***	0.614*	0.802***
Constant	(0.071)	(0.332)	(0.198)
Year dummies	N	N	Y
Industry dummies	N	N	Y
Observations	726	726	726
R-squared	0.034	0.048
Number of groups	584	584	584

Variables	(1)	(2)	(3)
Variables	OLS	FE	Driscoll Kraay
Outsourcing expenditure intensity	0.308** (0.133)	0.200 (0.320)	0.334*** (0.096)
Firm age	−0.001	0.006	0.004***
Firm age	(0.001)	(0.005)	(0.001)
Firm size	0.017***	0.047**	0.028**
Firm size	(0.005)	(0.023)	(0.014)
Capital structure	0.064***	0.123**	0.091***
Capital structure	(0.025)	(0.050)	(0.030)
Dummy innovation	0.019	0.004	0.020
Dummy innovation	(0.022)	(0.053)	(0.035)
Constant	1.121***	0.614*	0.802***
Constant	(0.071)	(0.332)	(0.198)
Year dummies	N	N	Y
Industry dummies	N	N	Y
Observations	726	726	726
R-squared	0.034	0.048
Number of groups	584	584	584

Note(s): (1) Robust t-statistics in parentheses; (2)*p < 0.1; **p < 0.05; ***p < 0.01

For definitions of the variables, please refer to Table 1

Source(s): Authors’ calculations from STATA software

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