Table 8.

Placebo test results

Variable	(1) Tfp_lp	(2) Tfp_ols	(3) Tfp_fe
CEPI	− 0.005	0.03***	0.036***
	(− 0.26)	(2.62)	(2.64)
Size	0.536***	0.816***	0.749***
	(22.51)	(37.45)	(35.25)
Debt	0.200***	0.276***	0.259***
	(2.98)	(4.09)	(3.89)
Roa	0.189***	0.289***	0.273***
	(2.72)	(4.08)	(3.92)
TobinQ	0.015***	0.016***	0.016***
	(3.48)	(4.77)	(4.93)
Capital	− 0.015***	− 0.024***	− 0.024***
	(− 2.67)	(− 3.35)	(− 3.34)
Market	0.016	0.008	0.010
	(0.92)	(0.50)	(0.66)
Firm fixed effect	Yes	Yes	Yes
Year fixed effect	Yes	Yes	Yes
N	11,053	12,745	12,745
$R^2$	0.536	0.722	0.701

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