(1)

(2)

(2)

Inveffi

TFP-LP

TFP-FIX

L.Fin-back

0.006^***

−0.061^***

−0.092^***

(0.002)

(0.021)

(0.021)

Inveffi

−1.160^***

−1.294^***

(0.088)

(0.090)

Lev

0.006^**

1.203^***

1.344^***

(0.003)

(0.030)

(0.031)

Roa

0.035^***

3.285^***

3.319^***

(0.007)

(0.082)

(0.084)

Size

−0.001^***

0.621^***

0.829^***

(0.000)

(0.005)

(0.005)

Age

−0.013^***

0.060^***

0.069^***

Indratio

0.018^**

−0.135

−0.234^***

(0.008)

(0.086)

(0.088)

_cons

0.103^***

−5.479^***

−7.600^***

(0.011)

(0.122)

(0.125)

N

15632.000

15632.000

15632.000

r2

0.054

0.739

0.810

Industry

Yes

Yes

Yes

year

Yes

Yes

Yes