Table 3 (cont.)
^^^^^^Industries: |
______CON_____ |
______RSM______ |
_____WHO____ |
______RHR______ | ||||
β |
t- stat |
β |
t- stat |
β |
t- stat |
β |
t- stat | |
ln gross outputt-1 |
0.038 |
0.58 |
0.398 |
4.49 |
0.460 |
8.02 |
0.387 |
3.37 |
ln M x EXP_always |
0.691 |
5.64 |
0.823 |
4.66 |
0.460 |
2.80 |
0.771 |
2.61 |
ln M x EXP_never |
0.799 |
15.93 |
0.729 |
10.20 |
0.583 |
3.20 |
0.380 |
2.87 |
ln M x EXP_entry |
0.898 |
19.43 |
0.914 |
31.09 |
0.459 |
5.45 |
0.633 |
4.68 |
ln M x EXP_exit |
0.635 |
5.17 |
0.872 |
20.66 |
0.271 |
3.06 |
0.576 |
2.66 |
ln M x EXP_both |
0.951 |
24.15 |
0.867 |
11.88 |
0.608 |
8.43 |
0.426 |
2.12 |
ln K x EXP_always |
0.229 |
2.99 |
0.121 |
2.05 |
0.107 |
2.66 |
0.234 |
2.96 |
ln K x EXP_never |
0.159 |
2.55 |
0.102 |
2.27 |
0.257 |
2.05 |
0.137 |
2.60 |
ln K x EXP_entry |
0.124 |
2.05 |
0.073 |
2.05 |
0.071 |
2.67 |
0.102 |
2.39 |
ln K x EXP_exit |
0.141 |
2.73 |
0.049 |
2.17 |
0.205 |
2.35 |
0.077 |
1.84 |
ln K x EXP_both |
0.162 |
2.46 |
0.022 |
1.68 |
0.302 |
2.03 |
0.228 |
2.61 |
ln E x EXP_always |
0.171 |
2.23 |
0.263 |
2.99 |
0.579 |
2.76 |
0.437 |
2.51 |
ln E x EXP_never |
0.161 |
2.68 |
0.182 |
3.86 |
0.232 |
2.00 |
0.453 |
2.63 |
ln E x EXP_entry |
0.119 |
2.22 |
0.058 |
2.03 |
0.598 |
3.43 |
0.539 |
2.80 |
ln E x EXP_exit |
0.446 |
3.66 |
0.088 |
2.55 |
0.243 |
2.65 |
0.186 |
2.43 |
ln E x EXP_both |
0.049 |
1.99 |
0.208 |
2.13 |
0.144 |
2.04 |
0.291 |
1.85 |
t x EXP_both |
0.014 |
2.44 |
-0.001 |
-0.08 |
0.015 |
0.73 |
-0.006 |
-0.01 |
t x EXP_never |
-0.004 |
-0.85 |
0.000 |
0.01 |
0.016 |
2.24 |
-0.023 |
-1.69 |
t x EXP_entry |
0.008 |
0.38 |
-0.015 |
-0.54 |
0.181 |
1.95 |
0.022 |
0.52 |
t x EXP_exit |
-0.044 |
-1.67 |
0.010 |
0.34 |
0.132 |
1.38 |
0.045 |
0.43 |
t x EXP_always |
-0.021 |
-1.36 |
-0.004 |
-0.16 |
0.005 |
0.41 |
-0.021 |
-0.50 |
EXP_entry t+1 |
0.069 |
1.34 |
0.051 |
0.76 |
-0.341 |
-0.91 |
-0.605 |
-2.18 |
EXP_entry t |
0.101 |
1.95 |
0.065 |
0.79 |
-0.376 |
-1.82 |
0.104 |
0.79 |
EXP_entry t-1 |
-0.123 |
-1.59 |
0.019 |
0.29 |
-0.157 |
-0.67 |
-0.067 |
-0.39 |
EXP_exit t+1 |
0.069 |
0.58 |
-0.446 |
-3.68 |
-0.426 |
-1.63 |
-0.111 |
-0.55 |
EXP_exit t |
-0.151 |
-1.12 |
0.048 |
0.51 |
0.000 |
0.00 |
-0.596 |
-0.64 |
EXP_exit t-1 |
-0.004 |
-0.05 |
0.131 |
1.82 |
-0.375 |
-1.65 |
0.111 |
0.14 |
EXP_both t+1 |
0.033 |
1.17 |
0.166 |
1.40 |
-0.213 |
-2.56 |
0.566 |
0.63 |
EXP_both t |
0.026 |
0.96 |
0.047 |
0.46 |
0.181 |
1.31 |
0.135 |
0.39 |
EXP_both t-1 |
-0.010 |
-0.42 |
0.078 |
1.04 |
-0.132 |
-2.10 |
0.323 |
0.34 |
Constant x EXP_always |
1.520 |
3.46 |
0.660 |
0.82 |
3.151 |
1.83 |
-0.273 |
-0.09 |
Constant x EXP_never |
-0.180 |
-0.35 |
1.032 |
1.16 |
-0.684 |
-0.41 |
3.403 |
1.25 |
Constant x EXP_entry |
-0.425 |
-0.54 |
0.213 |
0.25 |
-0.297 |
-0.17 |
2.282 |
0.70 |
Constant x EXP_exit |
0.455 |
0.51 |
0.791 |
0.89 |
1.549 |
0.66 |
3.614 |
1.21 |
Constant x EXP_both Industry dummies Region dummies Diagnostic statistics No. of Obs. No. of groups Hansen-test ( χ2 ) AR(1) z-statistic AR(2) z-statistic________________ |
-1.090 yes yes 10531 3055 295.22 -2.74*** 1.93 |
-2.06 |
0.394 yes yes 6094 1644 167.54 -2.05 -0.66 |
0.37 |
-0.337 yes yes 12753 3389 ___ _ ** 374.03 -3.69 -3.69 |
-0.19 |
5.904 yes yes 10414 2978 226.59 -4.02 1.46 |
0.53 |
25
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