Model 1

Model 2

Estimates

Std. Err.

z-values

Estimates

Std. Err.

z-values

Panel A: production frontier

Constant

4.72^***

0.36

13.30

4.84^***

0.38

12.84

ln(K)

0.25^***

0.05

5.27

0.21^***

0.05

4.21

ln(L)

0.56^***

0.15

3.74

0.69^***

0.15

4.62

ln(M)

0.05

0.12

0.44

−0.04

0.13

−0.30

PAV₁

0.04

0.10

0.42

0.11

0.10

1.13

T

0.01

0.02

0.61

0.03

0.02

1.34

Panel B: inefficiency model

Exp

−4.27^*

2.42

−1.76

−1.54^*

0.80

−1.93

Group

1.53

1.01

1.51

0.15

0.43

0.34

ICT

0.32

0.78

0.41

R&D

0.44

0.64

0.67

Age

−0.14^*

0.09

−1.67

Young R&D-ICT

0.78

1.02

0.71

Young ICT

1.81^***

0.40

4.57

Young R&D

−0.76

1.02

−0.71

Old R&D-ICT

−0.09

0.48

−0.19

Old ICT

−1.86^**

0.85

−2.18

Old R&D

0.67^**

0.32

2.10

1.836^**

0.64

2.87

0.9^***

0.18

5.06

0.886^***

0.05

18.39

0.8^***

0.08

10.46

56.72

62.78

71.21

77.13

Number of firms

55

55

Observations

193

193

Technical efficiency

0.65

0.61