TABLE 5.
Instrumental variables method regression results.
| Variables | lnTfp | lnTfp |
| (1) | (2) | |
| IV(L.GCL) | 0.816*** | |
| (117.26) | ||
| GCL | 0.581*** | |
| (21.46) | ||
| lnAge | –0.087*** | 0.578*** |
| (–8.09) | (16.72) | |
| lnCash | –0.002 | –0.017 |
| (–0.50) | (–1.21) | |
| lnRoa | 0.002 | 0.283*** |
| (0.17) | (9.10) | |
| lnTang | –0.048 | 0.419*** |
| (–1.46) | (4.05) | |
| lnLev | 0.003 | 0.498*** |
| (0.30) | (16.84) | |
| lnRoe | –0.010 | –0.010 |
| (–1.51) | (–0.47) | |
| Constant | 0.398*** | 14.220*** |
| (10.09) | (111.51) | |
| Observations | 5,341 | 5,341 |
| R-squared | 0.749 | 0.227 |
t-statistics in parentheses, *** p < 0.01, ** p < 0.05, * p < 0.1.