The name is absent



Table 2 : Econometric results Dependent variable lit - sample period 1994-2000

Belgium Denmark

Spain

Finland

France

Germany

Italy

The
Netherlan
ds

Norway

Sweden

United
Kingdom

N. of obs.

2471

479

2058

280

7739

1239

5203

913

1164

1664

17957

N. of firms

493

225

679

124

2219

313

1194

224

410

922

3749

(Ух )

0.908***

0.679*

0.643***

0.217

0.313***

0.476*

0.410***

0.768*

0.153**

0.449

0.871***

lit-1

(0.211)

(0.381)

(0.132)

(0.237)

(0.053)

(0.280)

(0.074)

(0.407)

(0.046)

(0.153)

(0.078)

(У 6)

-0.708***

-0.751*

-0.625***

-0.246

-0.318***

-0.394

-0.411***

-0.632

-0.127*

-0.456

-0.787***

mne ■ lit-1

(0.216)

(0.387)

(0.133)

(0.238)

(0.061)

(0.286)

(0.078)

(0.410)

(0.074)

(0.161)

(0.081)

(У 4 )

-0.533***

-0.737***

-1.056***

-0.416

-0.909***

-0.881***

-0.961***

-0.583***

-0.751***

-0.310*

-0.459***

wit

(0.114)

(0.147)

(0.137)

(0.307)

(0.055)

(0.157)

(0.117)

(0.152)

(0.067)

(0.161)

(0.058)

(У 9 )

0.083

0.306**

0.321**

-0.128

0.180**

0.170

0.060

0.110

0.068

-0.7190

0.024

mne ■ wtt -1

(0.122)

(0.151)

(0.152)

(0.275)

(0.074)

(0.163)

(0.120)

(0.165)

(0.103)

(0.175)

(0.080)

(У 2 )

0.196**

0.612***

0.311***

0.496***

0.639***

0.680***

0.596***

0.512***

0.375***

0.511***

0.519***

Уи

(0.073)

(0.081)

(0.078)

(0.086)

(0.040)

(0.109)

(0.070)

(0.119)

(0.091)

(0.078)

(0.046)

(У 7 )

0.135

-0.192**

0.296**

-0.103

-0.065

-0.119

0.132

-0.070

0.071

0.140

0.014

mne ■ Уlt -i

(0.093)

(0.090)

(0.095)

(0.132)

(0.056)

(0.135)

(0.087)

(0.129)

(0.111)

(0.127)

(0.055)

(У 3)

0.215**

-0.007

0.185**

-0.025

0.226***

0.196**

0.320***

0.177

0.183**

0.019

-0.031

rtt

(0.104)

(0.190)

(0.081)

(0.132)

(0.039)

(0.081)

(0.056)

(0.138)

(0.079)

(0.137)

(0.037)

(У 8 )

-0.122

-0.148

-0.035

0.097

0.002

-0.209*

0.000

-0.042

-0.238*

0.098

-0.040

mne ■ ri, 1

tt —1

(0.099)

(0.160)

(0.048)

(0.165)

(0.026)

(0.077)

(0.032)

(0.138)

(0.126)

(0.163)

(0.033)

(.7 5 )

-0.059***

-0.037

-0.080

0.010

-0.031***

0.016

-0.048**

-0.019

-0.010

-0.016

-0.021**

T

(0.015)

(0.028)

(0.117)

(0.040)

(0.008)

(0.024)

(0.016)

(0.024)

(0.050)

(0.020)

(0.009)

(У10)

0.002

0.030

0.021**

0.004

0.009**

-0.041**

0.021*

0.004

-0.001

-0.012

0.019***

mne ■ T

(0.009)

(0.023)

(0.013)

(0.016)

(0.004)

(0.018)

(0.012)

(0.011)

(0.012)

(0.019)

(0.004)

AR1

0.008

0.145

0.0006

0.759

0.000

0.013

0.001

0.075

0.005

0.006

0.000

AR2

0.317

0.369

0.918

0.245

0.811

0.627

0.180

0.514

0.551

0.676

0.989

Sargan test

0.330

1.000

0.484

0.960

0.150

0.089

0.330

0.067

0.880

1.000

0.030

Robust standard errors in parentheses - Time dummies and controls by size and sector included - GMM results are one-step
estimates with heteroskedasticity-consistent standard errors and test statistics - AR1 and AR2 are tests for first order and
second order serial correlation, P-values are reported - Sargan is a test of the overidentifying restrictions for the GMM
estimators, the P-values reported refer to the two-step GMM estimators. *** statistically significant at 99 percent confidence
level; ** statistically significant at 95 percent confidence level; * statistically significant at 90 percent confidence level

11



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