(1)

(2)

TFP_LP

TFP_GMM

SPI

0.015***

0.018***

(0.004)

(0.004)

SG&A

−0.995***

−0.938***

(0.187)

(0.192)

Cashflow

0.691***

0.636***

(0.066)

(0.075)

Fixed

−0.860***

−2.125***

(0.080)

(0.091)

Lev

0.369***

0.306***

(0.064)

(0.066)

Size

0.512***

0.118***

(0.018)

(0.019)

Age

0.282***

0.202**

(0.087)

(0.094)

ROA

0.553***

0.590***

(0.103)

(0.115)

_cons

0.097

6.161***

(0.461)

(0.476)

FIRM FE

YES

YES

YEAR FE

YES

YES

N

20964

20964

R2

0.510

0.510