TABLE 2.

Baseline regression results.

Variables	lnTfp	lnTfp	lnTfp
	(1)	(2)	(3)
GCL	0.252***	0.373***	0.851***
	(11.50)	(17.50)	(21.88)
lnAge		0.354***	–0.797**
		(10.92)	(–2.56)
lnCash		0.013	0.046***
		(1.00)	(4.29)
lnRoa		0.302***	0.250***
		(10.85)	(11.88)
lnTang		0.542***	0.079
		(5.42)	(0.77)
lnLev		0.469***	0.207***
		(17.52)	(8.27)
lnRoe		–0.016	–0.047***
		(–0.83)	(–3.35)
Constant	14.855***	15.055***	18.343***
	(857.43)	(129.71)	(18.88)
Control	No	Yes	Yes
Year Effects	No	No	Yes
Individual Effects	No	No	Yes
Observations	7,014	7,014	7,014
R-squared	0.019	0.171	0.713

t-statistics in parentheses, *** p < 0.01, ** p < 0.05, * p < 0.1.