Table 3 (cont.)
Industries: Independent variablcs^^-^^ |
_______CRR______ |
______MET______ |
______ENG_____ |
______OMF______ | ||||
β |
t- stat |
β |
t- stat |
β |
t- stat |
β |
t- stat | |
ln gross outputt-1 |
0.194 |
3.32 |
0.238 |
3.05 |
0.165 |
1.81 |
0.136 |
1.59 |
ln M x EXP_always |
0.739 |
4.91 |
0.857 |
3.44 |
0.676 |
4.71 |
0.785 |
5.67 |
ln M x EXP_never |
0.794 |
8.52 |
0.797 |
12.04 |
0.637 |
10.53 |
0.783 |
10.69 |
ln M x EXP_entry |
0.779 |
5.18 |
0.827 |
12.17 |
0.805 |
15.15 |
0.907 |
21.24 |
ln M x EXP_exit |
0.774 |
9.36 |
0.962 |
12.23 |
0.916 |
8.04 |
0.776 |
7.13 |
ln M x EXP_both |
0.865 |
14.11 |
0.575 |
3.84 |
0.543 |
6.99 |
0.714 |
7.67 |
ln K x EXP_always |
0.201 |
4.67 |
0.104 |
2.34 |
0.169 |
2.95 |
0.133 |
2.11 |
ln K x EXP_never |
0.217 |
4.88 |
0.114 |
2.50 |
0.113 |
2.24 |
0.221 |
4.43 |
ln K x EXP_entry |
0.116 |
5.30 |
0.045 |
1.85 |
0.051 |
2.20 |
0.127 |
2.43 |
ln K x EXP_exit |
0.183 |
4.45 |
0.048 |
1.91 |
0.095 |
2.02 |
0.129 |
2.40 |
ln K x EXP_both |
0.095 |
3.92 |
0.172 |
3.50 |
0.109 |
1.86 |
0.225 |
4.47 |
ln E x EXP_always |
0.211 |
2.78 |
0.097 |
2.37 |
0.088 |
3.00 |
0.190 |
2.23 |
ln E x EXP_never |
0.062 |
2.38 |
0.158 |
2.89 |
0.261 |
2.65 |
0.062 |
3.65 |
ln E x EXP_entry |
0.320 |
5.31 |
0.242 |
3.58 |
0.283 |
4.34 |
0.166 |
2.96 |
ln E x EXP_exit |
0.139 |
2.43 |
0.165 |
2.49 |
0.120 |
1.54 |
0.206 |
2.50 |
ln E x EXP_both |
0.253 |
4.89 |
0.165 |
1.99 |
0.446 |
4.20 |
0.094 |
2.92 |
t x EXP_both |
-0.011 |
-0.56 |
-0.042 |
-2.23 |
0.022 |
1.81 |
0.006 |
0.26 |
t x EXP_never |
0.004 |
0.39 |
-0.005 |
-0.76 |
-0.009 |
-1.09 |
-0.036 |
-2.01 |
t x EXP_entry |
-0.019 |
-0.63 |
0.017 |
1.40 |
0.002 |
0.14 |
-0.004 |
-0.31 |
t x EXP_exit |
0.044 |
2.55 |
-0.010 |
-0.50 |
-0.006 |
-0.27 |
-0.002 |
-0.09 |
t x EXP_always |
0.008 |
1.55 |
-0.002 |
-0.23 |
0.005 |
0.66 |
-0.007 |
-1.12 |
EXP_entry t+1 |
0.242 |
1.58 |
-0.004 |
-0.06 |
0.112 |
1.50 |
-0.094 |
-1.02 |
EXP_entry t |
0.030 |
0.22 |
-0.043 |
-0.61 |
0.278 |
2.62 |
0.272 |
3.12 |
EXP_entry t-1 |
0.068 |
1.29 |
-0.052 |
-0.84 |
-0.215 |
-2.01 |
-0.084 |
-1.80 |
EXP_exit t+1 |
-0.186 |
-1.88 |
-0.264 |
-3.72 |
0.098 |
1.27 |
-0.068 |
-0.69 |
EXP_exit t |
-0.692 |
-3.26 |
0.120 |
1.30 |
-0.091 |
-0.73 |
0.094 |
0.70 |
EXP_exit t-1 |
0.399 |
1.76 |
0.237 |
4.24 |
-0.114 |
-1.82 |
0.055 |
0.52 |
EXP_both t+1 |
-0.025 |
-0.33 |
-0.072 |
-0.93 |
-0.048 |
-0.66 |
-0.045 |
-0.86 |
EXP_both t |
-0.004 |
-0.20 |
0.071 |
0.97 |
0.036 |
0.60 |
0.042 |
0.51 |
EXP_both t-1 |
-0.017 |
-0.22 |
-0.008 |
-0.18 |
0.009 |
0.17 |
-0.055 |
-1.34 |
Constant x EXP_always |
0.924 |
1.75 |
0.834 |
0.80 |
1.634 |
3.01 |
0.849 |
0.71 |
Constant x EXP_never |
0.338 |
0.55 |
0.189 |
0.16 |
0.471 |
0.78 |
0.284 |
0.21 |
Constant x EXP_entry |
0.147 |
0.20 |
0.399 |
0.37 |
-0.155 |
-0.24 |
-0.969 |
-0.83 |
Constant x EXP_exit |
0.621 |
1.01 |
-0.020 |
-0.02 |
-0.756 |
-1.05 |
-0.081 |
-0.06 |
Constant x EXP_both |
0.352 |
0.62 |
2.959 |
2.32 |
0.411 |
0.78 |
0.349 |
0.31 |
Industry dummies |
yes |
yes |
yes |
yes | ||||
Region dummies |
yes |
yes |
yes |
yes | ||||
Diagnostic statistics |
4629 |
7075 |
9596 |
3731 | ||||
No. of groups |
1107 |
1719 |
2252 |
948 | ||||
Hansen-test ( χ2 ) |
230.23 |
324.10 |
311.20 |
212.36 | ||||
AR(1) z-statistic |
-1.95* |
_ _ *** -2.69 |
*** -2.77 |
-1.23 | ||||
AR(2) z-statistic______________ |
_________0.49 |
-0.87 |
-1.16 |
-0.91 |
24