Table 7 Estimated models for the whole sample and subsamples

Commissioning

0.0332^***

0.0317 ^***

0.0223^**

0.0335^***

0.0400^**

0.0209

(0.0083)

(0.0089)

(0.0100)

(0.0110)

(0.0181)

(0.0189)

Beds (log)

0.0328^*

0.0341^*

0.0519

0.0500^**

0.0722^***

0.0852

(0.0100) ^**

(0.0203)

(0.0162)^**

(0.0231)

(0.0199)

(− 0.0546)

Age (log)

0.0108

0.0083

0.0187^*

0.0032

0.0245

0.0756 ^***

(0.0080)

(− 0.0091)

(0.0097)

(0.0105)

−0.0193

(0.0216)

Techn.index

0.0172^*

0.0203^**

0.0225^**

0.0260^**

–

–

(0.0092)

(0.0101)

(0.0110)

(0.0116)

Techn.index²

−0.0125 ^***

− 0.0143^***

− 0.0157^***

− 0.0174^***

–

–

(0.0044)

(0.0045)

(0.0049)

(0.0051)

Leverage

−0.2264^***

−0.2196^***

− 0.2276^***

−0.2213^***

− 0.2570^***

−0.2264^***

(0.0090)

(0.0108)

(0.0110)

(0.0134)

(0.0201)

(0.0217)

Tangibility

−0.0368^***

−0.0641 ^***

− 0.0800^***

−0.0863^***

− 0.0012

−0.0273

(0.0133)

(0.0155)

(0.0172)

(0.0197)

(−0.0275)

(−0.0302)

Constant

0.0249

0.0193

−0.0715

−0.041

− 0.1455

−0.3807

(0.0489)

(0.1006)

(0.0754)

(0.1137)

(0.1069)

(0.2685)

Years^a

Yes

Yes

Yes

Yes

Yes

Yes

N Observations

3284

2183

2091

1467

751

532

R² within

0.2076

0.2112

0.2235

0.2170

0.2541

0.2527

R² between

0.2326

0.1092

0.2277

0.1155

0.0922

0.0217

R² overall

0.1732

0.1397

0.1631

0.1118

0.1515

0.1121

rho

0.5273

0.5154

0.5673

0.5531

0.5407

0.6770