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Robustness test results.
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| LnCTFP(Quantile = 0.75) | LnCTFP(Quantile = 0.90) | LnCTFP | LnTEC | |
| LnDIG | 0.332*** (5.54) | 0.341*** (2.70) | 0.354*** (7.64) | 0.325*** (13.73) |
| L.LnCTFP | 0.122* (1.73) | |||
| Control variables | YES | YES | YES | YES |
| R2 | 0.657 | 0.729 | ||
| N | 300 | 300 | 270 | 300 |
