(1)

(2)

(3)

TFP_LP

TFP_LP

AC

SPI

0.015***

0.011***

0.006**

(0.004)

(0.003)

(0.002)

SG&A

−0.995***

−0.755***

−0.290***

(0.187)

(0.136)

(0.079)

Cash flow

0.691***

0.427***

0.319***

(0.066)

(0.057)

(0.039)

Fixed

−0.860***

−0.782***

−0.095*

(0.080)

(0.061)

(0.054)

Lev

0.369***

0.113**

0.310***

(0.064)

(0.057)

(0.042)

Size

0.512***

0.560***

−0.058***

(0.018)

(0.017)

(0.016)

Age

0.282***

0.109

0.210***

(0.087)

(0.068)

(0.063)

ROA

0.553***

0.054

0.604***

(0.103)

(0.099)

(0.080)

AC

0.827***

(0.089)

_cons

0.097

−1.002**

0.006**

(0.461)

(0.417)

(0.002)

N

20964

20964

20964

R²

0.510

0.650

0.098