Panel A

TFP

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

Observations

5298

5298

5298

5298

5298

Adj R-squared

0.3236

0.3231

0.3233

0.3229

0.323

Panel B

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

Observations

5298

5298

5298

5298

5298

Adj R-squared

0.3232

0.3224

0.3222

0.3223

0.3222