Table 7. Second stage results for system (9’), Maximum Likelihood efficient method.
Dependent |
ML |
/V ML (predict k ) |
ML |
/V ML (predict k ) | |||||
K ∆7 ln — 2 L Lit |
Coeff |
Robust St. E. |
Coeff |
Robust Std. Err. |
Coeff |
Robust St. E. |
Coeff |
Robust St. E. | |
Innovative firms |
Non Innovative firms | ||||||||
αι |
.2588*** |
.0244 |
.1967*** |
.0382 |
α2 |
.0199 |
.0195 |
-.0004 |
.0252 |
21______ |
17.00*** |
3.343 |
18.17*** |
3.381 |
β2_______ |
-6.658 |
10.85 |
-6.414 |
10.023 |
Yi |
-.4028*** |
.056 |
-.3862*** |
.0591 |
Y2 |
-.0105 |
.1473 |
-.0051 |
.1462 |
μι |
-.1878*** |
.0288 |
-.2172*** |
.0308 |
μ2 |
-.242** |
.1174 |
-.2369** |
.1167 |
σι |
28.719*** |
.8895 |
30.51*** |
1.096 |
σ2 |
29.941*** |
.2622 |
29.93*** |
.1986 |
Pi |
.6917 |
.0936 |
.6421 |
.1211 |
P2 |
.1126 |
.1385 |
.1039 |
.1179 |
Mills ratio |
.4439** |
.2767 |
.444** |
.2821 |
1.364*** |
.5181 |
1.368*** |
.5282 | |
Condition |
Exogenous K |
Endogenous K | |||||||
Wald χ2(i) |
22.86 [0.000] |
13.95 | |||||||
P(Inno) |
.7356 |
.1785 |
.735 |
.1816 | |||||
N |
7773 |
7773 |
Note. All regressions include size, area and sector dummies. Columns 3 and 4 show ML with predicted value of the
growth rate of capital stock for innovative firms. Columns 7 and 8 replicate ML with predicted value for the non
innovative cluster. Wald Chi-square test is testing for the independence of the residuals in system (8). P(Inno) is the
predicted probability of being in the innovative regime in the first stage.
8. Conclusions
In this paper we exploited data from a sample of some eight thousands innovative and non-
innovative firm-observations to describe the pattern of correlation between experience, innovation
and productivity growth during the recent period of serious productivity slowdown in the Italian
24
More intriguing information
1. Educational Inequalities Among School Leavers in Ireland 1979-19942. A Regional Core, Adjacent, Periphery Model for National Economic Geography Analysis
3. The Triangular Relationship between the Commission, NRAs and National Courts Revisited
4. The name is absent
5. Are Public Investment Efficient in Creating Capital Stocks in Developing Countries?
6. The name is absent
7. The name is absent
8. Lending to Agribusinesses in Zambia
9. The name is absent
10. TINKERING WITH VALUATION ESTIMATES: IS THERE A FUTURE FOR WILLINGNESS TO ACCEPT MEASURES?