Table 4.

Benchmark regression results

	(1) Tfp_lp	(2) Tfp_op
CEPI	0.034**	0.035**
	(2.33)	(2.32)
Size	0.534***	0.352***
	(23.96)	(16.20)
Debt	0.209***	0.153**
	(3.19)	(2.27)
Roa	0.205***	0.178**
	(3.00)	(2.57)
TobinQ	0.015***	0.016***
	(3.57)	(5.54)
Capital	− 0.016***	− 0.020***
	(− 2.59)	(− 3.42)
Market	0.015	0.024
	(0.94)	(1.49)
Firm fixed effect	Yes	Yes
Year fixed effect	Yes	Yes
_cons	3.581***	6.326***
	(7.23)	(13.40)
N	12,745	12,745
$R^2$	0.534	0.431

t statistics in parentheses, ^* p < 0.1, ^** p < 0.05, ^*** p < 0.01