Groups

Panel A: DIND (0,1)

Panel B: AREA (0.1)

Panel C: ELEC (0,1)

Panel D:

DTYPE (0,1)

Variables

t-Value^a

t-Value^a

t-Value^a

t-Value^a

TE (0,1)

3.00^***

−3.46^***

1.75^*

−0.94

PTE (0,1)

1.32

−3.25^***

0.14

−1.77^*

ROI (%)

2.39^**

1.15

3.04^***

1.68^*

YEARS

−7.19^***

−3.70^***

−8.31^***

1.23

CINT

−7.35^***

2.78^***

−10.67^***

0.30

RD (%)

11.35^***

−0.03

16.09^***

1.96^*

AMOUNT (log)

−1.35

4.00^***

−1.87^*

0.35

CSIZE (log)

4.49^***

3.00^***

4.45^***

0.87

CDA (%)

5.91^***

−0.67

7.04^***

0.47

CROA (%)

0.60

−0.92

0.37

0.73

PPTO (times)

5.50^***

−3.06^***

6.22^***

0.34

RE (%)

−0.38

1.65

−0.89

−0.15

PPE (%)

2.06^**

1.72^*

1.92^*

−0.12

GROWTH (%)

4.59^***

−1.93^*

7.93^***

1.86^*

TROA (%)

2.41^**

−1.67^*

4.48^***

2.10^**

TDA (%)

0.25

−1.28

0.31

−0.71

TSIZE (log)

−2.85^***

−0.75

−3.54

−0.50