Variables | SMEs | Non-SMEs | ||||
---|---|---|---|---|---|---|
(10) | (11) | (12) | (13) | (14) | (15) | |
PG | PG | PG | PG | PG | PG | |
DT | 0.2230*** | 0.1903*** | 0.2210*** | 0.0643*** | 0.0534*** | 0.0647*** |
(19.2880) | (15.7027) | (19.0834) | (4.6146) | (3.7169) | (4.6406) | |
FDb |  | − 0.2164*** |  |  | − 0.2287*** |  |
 | (− 6.8261) |  |  | (− 5.2909) |  | |
FDb × DT |  | 0.1631*** |  |  | 0.0563** |  |
 | (8.1223) |  |  | (2.2973) |  | |
FDc | Â | Â | 0.0093** | Â | Â | 0.0176*** |
 |  | (2.5319) |  |  | (3.4847) | |
FDc × DT |  |  | 0.0069*** |  |  | 0.0053 |
 |  | (2.6727) |  |  | (1.4622) | |
Control | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | − 0.0980*** | 0.1512*** | − 0.1084*** | 0.2724*** | 0.5428*** | 0.2524*** |
(− 3.3115) | (3.1569) | (− 3.6377) | (4.2693) | (6.5784) | (3.9441) | |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Id | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 25,265 | 25,265 | 25,265 | 14,717 | 14,717 | 14,717 |
Number of id | 1993 | 1993 | 1993 | 2042 | 2042 | 2042 |
R-squared | 0.294 | 0.298 | 0.294 | 0.173 | 0.176 | 0.174 |