(1)

(2)

(3)

(4)

VARIABLES

TFP

TFP

TFP

TFP

Time

−0.105

−0.0668

−0.0464

−0.0428

(0.0966)

(0.0526)

(0.0641)

(0.0338)

DID

0.104^*

0.106^*

0.0933^*

0.0923^*

(0.0610)

(0.0598)

(0.0485)

(0.0478)

Regdprate

−0.0103

−0.0100

(0.0159)

(0.0143)

Investeff

−0.115

−0.244

(0.728)

(0.674)

Rdinvest

0.000174

−0.000233

(0.00112)

(0.000881)

Constant

1.408^***

1.424^***

1.296^***

1.273^***

(0.238)

(0.222)

(0.0420)

(0.0169)

N

360

360

360

360

R²

0.021

0.018

0.015

0.012

Year

Yes

No

Yes

No

Individual

Yes

No

Yes

No