(1)

(2)

(3)

(4)

tfp_

tfp_

tfp_

tfp_

rate

0.0934^***

0.0750^***

0.0558^*

0.209^*

(7.45)

(7.96)

(2.33)

(2.52)

ln_earning

0.103^***

0.912^***

0.104^***

0.176^***

(14.40)

(99.27)

(8.81)

(3.47)

ln_staff

−0.146^***

−0.738^***

−0.132^***

−0.220^***

(−28.88)

(−106.81)

(−14.50)

(−7.13)

ln_size

0.0689^***

−0.0662^***

0.0737^***

−0.00989

(8.67)

(−12.15)

(5.37)

(−0.18)

_cons

−3.171^***

−3.119^***

−3.175^***

−3.120^***

(−29.80)

(−42.45)

(−16.70)

(−4.70)

N

7863

2499

2840

165