TABLE 7.

Stepwise regression results of intermediation effects.

Intermediate variables	lnCdf			lnSubs
Variables	lnTfp	lnCdf	lnTfp	lnTfp	lnSubs	lnTfp
	(1)	(2)	(3)	(4)	(5)	(6)
GCL	0.373***	0.224***	0.325***	0.373***	0.499***	0.323***
	(17.50)	(5.06)	(17.00)	(17.50)	(10.23)	(15.46)
lnCdf			0.213***
			(41.43)
lnSubs						0.100***
						(19.63)
lnAge	0.354***	0.704***	0.204***	0.354***	0.679***	0.286***
	(10.92)	(10.44)	(6.97)	(10.92)	(9.15)	(9.02)
lnCash	0.013	–0.053**	0.024**	0.013	–0.010	0.014
	(1.00)	(–2.03)	(2.12)	(1.00)	(–0.33)	(1.11)
lnRoa	0.302***	0.554***	0.184***	0.302***	0.342***	0.268***
	(10.85)	(9.55)	(7.33)	(10.85)	(5.35)	(9.87)
lnTang	0.542***	0.374*	0.462***	0.542***	–0.217	0.564***
	(5.42)	(1.80)	(5.16)	(5.42)	(–0.95)	(5.79)
lnLev	0.469***	1.434***	0.164***	0.469***	0.529***	0.417***
	(17.52)	(25.73)	(6.52)	(17.52)	(8.62)	(15.89)
lnRoe	–0.016	–0.415***	0.073***	–0.016	–0.124***	–0.003
	(–0.83)	(–10.64)	(4.30)	(–0.83)	(–2.89)	(–0.18)
Constant	15.055***	19.634***	10.871***	15.055***	14.960***	13.564***
	(129.71)	(81.26)	(74.98)	(129.71)	(56.26)	(99.61)
Bootstrap test(ind-eff) Bootstrap test(dir-eff)	0.048 (0.000***)			0.05 (0.000***)
	0.325(0.000***)			0.323 (0.000***)
Observations	7,014	7,014	7,014	7,014	7,014	7,014
R-squared	0.171	0.294	0.335	0.171	0.068	0.215

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