Panel A |
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| TFP |
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| DIST < 100 (1) | DIST < 150 (2) | DIST < 200 (3) | DIST < 250 (4) | DIST < 300 (5) | |||
TIME×RAD_DIST | 0.0320** | 0.0256** | 0.0269** | 0.0219* | 0.0233* | |||
| (2.3017) | (1.9712) | (2.1126) | (1.7228) | (1.8399) | |||
SIZE | 0.4794*** | 0.4783*** | 0.4787*** | 0.4776*** | 0.4771*** | |||
| (14.7999) | (14.7709) | (14.7897) | (14.7105) | (14.7086) | |||
LEV | 0.3458*** | 0.3461*** | 0.3465*** | 0.3487*** | 0.3483*** | |||
| (4.6979) | (4.6940) | (4.6950) | (4.7130) | (4.7094) | |||
CASH | −0.0008 | −0.0008 | −0.0008 | −0.0008 | −0.0008 | |||
| (−0.3004) | (−0.2836) | (−0.2859) | (−0.2915) | (−0.2967) | |||
SC10 | 0.0022* | 0.0022* | 0.0023* | 0.0023* | 0.0023* | |||
| (1.8286) | (1.8326) | (1.8445) | (1.8441) | (1.8550) | |||
PPE | −0.8196*** | −0.8200*** | −0.8212*** | −0.8212*** | −0.8217*** | |||
| (−7.6500) | (−7.6497) | (−7.6552) | (−7.6496) | (−7.6480) | |||
AGE | −0.0017 | −0.0013 | −0.002 | −0.0014 | −0.0017 | |||
| (−0.1457) | (−0.1135) | (−0.1750) | (−0.1186) | (−0.1452) | |||
SOE | −0.0477 | −0.0476 | −0.0482 | −0.0474 | −0.0474 | |||
| (−0.9876) | (−0.9826) | (−0.9945) | (−0.9774) | (−0.9754) | |||
Year & Firm FE | 是 | 是 | 是 | 是 | 是 | |||
Observations | 5298 | 5298 | 5298 | 5298 | 5298 | |||
Adj R-squared | 0.3236 | 0.3231 | 0.3233 | 0.3229 | 0.323 | |||
Panel B |
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| TFP | |||||||
| DIST < 350 (6) | DIST < 400 (7) | DIST < 450 (3) | DIST < 500 (4) | DIST < 550 (5) | |||
TIME×RAD_DIST | 0.0262** | 0.0138 | 0.0081 | 0.0114 | 0.0080 | |||
| (2.0657) | (1.0748) | (0.6257) | (0.8673) | (0.6009) | |||
SIZE | 0.4765*** | 0.4761*** | 0.4758*** | 0.4756*** | 0.4757*** | |||
| (14.6820) | (14.6635) | (14.6531) | (14.6533) | (14.6563) | |||
LEV | 0.3492*** | 0.3498*** | 0.3507*** | 0.3500*** | 0.3507*** | |||
| (4.7228) | (4.7213) | (4.7340) | (4.7215) | (4.7326) | |||
CASH | −0.0008 | −0.0009 | −0.0009 | −0.0009 | −0.0009 | |||
| (−0.2950) | (−0.3060) | (−0.3086) | (−0.3072) | (−0.3087) | |||
SC10 | 0.0023* | 0.0022* | 0.0022* | 0.0022* | 0.0022* | |||
| (1.8526) | (1.8228) | (1.8182) | (1.8227) | (1.8211) | |||
PPE | −0.8208*** | −0.8225*** | −0.8228*** | −0.8225*** | −0.8226*** | |||
| (−7.6392) | (−7.6526) | (−7.6560) | (−7.6532) | (−7.6561) | |||
AGE | −0.0026 | −0.0005 | 0.0006 | −0.0001 | 0.0005 | |||
| (−0.2243) | (−0.0442) | −0.0527 | (−0.0110) | −0.048 | |||
STATE | −0.0461 | −0.0447 | −0.0446 | −0.045 | −0.0448 | |||
| (−0.9467) | (−0.9192) | (−0.9162) | (−0.9246) | (−0.9205) | |||
Year & Firm FE | 是 | 是 | 是 | 是 | 是 | |||
Observations | 5298 | 5298 | 5298 | 5298 | 5298 | |||
Adj R-squared | 0.3232 | 0.3224 | 0.3222 | 0.3223 | 0.3222 | |||