Table 9 Second-stage regression results...

Table 9

Second-stage regression results

Dependent variable	DEA				SFA
Dependent variable	All	Years	Groups	Both	All	Years	Groups	Both
Estimation	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
2005–2007
LnTA	0.0278	0.0301	−0.0008	0.1487***	0.0120*	−0.0273**	0.0225**	−0.0190*
LTD	0.3348***	0.0442	0.2441***	0.2816***	0.0050	0.0315	0.0129	0.0022
CTI	0.0127	0.0643	−0.0055	0.0775	0.0060	0.0321*	0.0129	0.0199
LP	0.0005	0.0952	0.0203	0.1011	−0.0129	−0.0111	−0.0210	0.0209
NLR	−0.0039	0.0023	−0.0036	−0.0142	0.0009	0.0031	0.0026	−0.0017
State	0.1122**	0.0132	0.3887***	0.0146	−0.0406	0.0627*	0.1395*	0.0741**
Lerner	0.5614***	0.2170	0.6286**	0.9322	−0.0514	−0.0363	0.0144	−0.0086
BSD	−0.7324**	−4.3056***	−0.6232	−2.5801***	0.5533***	0.1789	0.6289***	−0.3857*
INF	1.7038**	13.189***	2.1042*	1.6688	−0.4840***	2.1152	−0.5733**	0.3718
GDP	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted
2008–2011
LnTA	0.0848***	−0.0096	0.0463***	0.0571*	−0.0087	0.0003	−0.0118	−0.0012
LTD	0.2929***	0.1347*	0.2604***	0.3792***	0.0049	0.0446*	0.0095	0.0537**
CTI	0.0002	0.0237**	0.0027	0.0034	−0.0019*	0.0018	−0.0020	−0.0021
LP	0.0288*	0.1793***	0.0868***	0.0932**	0.0064	−0.0055	0.0081	0.0035
NLR	−0.0073	−0.0090	−0.0078	−0.0309**	−0.0027*	−0.0017	−0.0040*	−0.0032
State	0.0081	0.2474***	0.2126***	0.2355**	0.0284	0.0213	0.1175***	0.0430*
Lerner	−0.2077	0.1395	0.1437	0.4751	0.0148	0.0652	0.0353	0.0385
BSD	0.3769**	−1.1436***	0.0706	−1.2230***	0.2915***	0.4207***	0.3601***	0.0825
INF	0.2649	−2.5451***	0.1926	−0.2370	0.1167**	0.2453	0.1498*	0.4721***
GDP	−2.1399	8.1886*	−1.3029	−2.0597	−1.2713***	0.3068	−1.5504***	−2.9656**
2012–2017
LnTA	0.1207***	−0.0505	0.0546***	0.0384*	−0.0005	0.0006	−0.0032	0.0059
LTD	0.4575***	0.0067	0.4660***	0.4376***	−0.0143***	0.0589*	−0.0110*	0.0382*
CTI	−0.0038***	−0.0034	−0.0030*	−0.0043*	0.0000	−0.0008	0.0002*	−0.0003
LP	0.0056	0.1866***	0.0513***	0.0757***	0.0001	0.0075	−0.0021	−0.0112
NLR	−0.0024	−0.0064	0.0122	0.0004	−0.0004	−0.0060	0.0006	−0.0033
State	0.0437	0.5157***	0.1384***	0.1461	0.0041	0.0140	0.0286***	0.0084
Lerner	0.2899**	0.0941	0.5929***	0.8672***	0.0028	0.0298	0.0148	0.0126
BSD	0.1978	0.2379	−0.0445	−0.4928	0.0655***	0.3051**	0.0762***	0.1944**
INF	0.2692	−2.9260	1.7787	−2.0165	−0.1829**	−2.8109***	−0.2211*	−1.0878*
GDP	−0.9704	−6.4634	12.108	−3.9897	−0.5974	−17.846***	−0.6544	−6.8068*

Dependent variable	DEA				SFA
Dependent variable	All	Years	Groups	Both	All	Years	Groups	Both
Estimation	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
2005–2007
LnTA	0.0278	0.0301	−0.0008	0.1487***	0.0120*	−0.0273**	0.0225**	−0.0190*
LTD	0.3348***	0.0442	0.2441***	0.2816***	0.0050	0.0315	0.0129	0.0022
CTI	0.0127	0.0643	−0.0055	0.0775	0.0060	0.0321*	0.0129	0.0199
LP	0.0005	0.0952	0.0203	0.1011	−0.0129	−0.0111	−0.0210	0.0209
NLR	−0.0039	0.0023	−0.0036	−0.0142	0.0009	0.0031	0.0026	−0.0017
State	0.1122**	0.0132	0.3887***	0.0146	−0.0406	0.0627*	0.1395*	0.0741**
Lerner	0.5614***	0.2170	0.6286**	0.9322	−0.0514	−0.0363	0.0144	−0.0086
BSD	−0.7324**	−4.3056***	−0.6232	−2.5801***	0.5533***	0.1789	0.6289***	−0.3857*
INF	1.7038**	13.189***	2.1042*	1.6688	−0.4840***	2.1152	−0.5733**	0.3718
GDP	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted	Omitted
2008–2011
LnTA	0.0848***	−0.0096	0.0463***	0.0571*	−0.0087	0.0003	−0.0118	−0.0012
LTD	0.2929***	0.1347*	0.2604***	0.3792***	0.0049	0.0446*	0.0095	0.0537**
CTI	0.0002	0.0237**	0.0027	0.0034	−0.0019*	0.0018	−0.0020	−0.0021
LP	0.0288*	0.1793***	0.0868***	0.0932**	0.0064	−0.0055	0.0081	0.0035
NLR	−0.0073	−0.0090	−0.0078	−0.0309**	−0.0027*	−0.0017	−0.0040*	−0.0032
State	0.0081	0.2474***	0.2126***	0.2355**	0.0284	0.0213	0.1175***	0.0430*
Lerner	−0.2077	0.1395	0.1437	0.4751	0.0148	0.0652	0.0353	0.0385
BSD	0.3769**	−1.1436***	0.0706	−1.2230***	0.2915***	0.4207***	0.3601***	0.0825
INF	0.2649	−2.5451***	0.1926	−0.2370	0.1167**	0.2453	0.1498*	0.4721***
GDP	−2.1399	8.1886*	−1.3029	−2.0597	−1.2713***	0.3068	−1.5504***	−2.9656**
2012–2017
LnTA	0.1207***	−0.0505	0.0546***	0.0384*	−0.0005	0.0006	−0.0032	0.0059
LTD	0.4575***	0.0067	0.4660***	0.4376***	−0.0143***	0.0589*	−0.0110*	0.0382*
CTI	−0.0038***	−0.0034	−0.0030*	−0.0043*	0.0000	−0.0008	0.0002*	−0.0003
LP	0.0056	0.1866***	0.0513***	0.0757***	0.0001	0.0075	−0.0021	−0.0112
NLR	−0.0024	−0.0064	0.0122	0.0004	−0.0004	−0.0060	0.0006	−0.0033
State	0.0437	0.5157***	0.1384***	0.1461	0.0041	0.0140	0.0286***	0.0084
Lerner	0.2899**	0.0941	0.5929***	0.8672***	0.0028	0.0298	0.0148	0.0126
BSD	0.1978	0.2379	−0.0445	−0.4928	0.0655***	0.3051**	0.0762***	0.1944**
INF	0.2692	−2.9260	1.7787	−2.0165	−0.1829**	−2.8109***	−0.2211*	−1.0878*
GDP	−0.9704	−6.4634	12.108	−3.9897	−0.5974	−17.846***	−0.6544	−6.8068*

Note(s): (*, **, ***) correlation coefficients are significant at the level of 1%, 5% and 10%

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