b_PROD = TOP LENDER's b_PROD	(i) DIF (τ=3)	(ii) DIF (τ=3)	(iii) LEVEL (τ=3)	(iv) DIF (τ=3, no R&D Intensity)
All c_LEVERAGE	c_LEVERAGE > Median	c_LEVERAGE > Median	c_LEVERAGE > Median
Dependend Variable	Coef.	Robust	Coef.	Coef.	Robust	Coef.	Robust	Coef.	Robust	Coef.	Robust	Coef.
"DIF": LN_TFP (t+τ) - LN_TFP (t)	Std.	Std.	Std.	Std.	Std.	Std.	Std.	Std.	Std.	Std.	Std.	Std.
"LEVEL": LN_TFP (t+τ)
c_LEVERAGE (t-1)	0.130	0.084	0.131	0.084	0.228	0.135	0.228	0.136	1.585	0.717	1.661	0.708
c_LNSIZE (t-1)	0.052	0.042	0.053	0.042	0.082	0.039	0.074	0.042	-0.149	0.181	-0.203	0.196
c_ROA (t-1)	0.046	0.062	0.047	0.062	0.097	0.097	0.096	0.098	0.037	0.521	0.028	0.511
c_BANK_DEPENDENCY (t-1)	-0.060	0.043	-0.061	0.043	-0.062	0.076	-0.058	0.077	0.208	0.299	0.249	0.299
c_LIQUIDITY_RATIO (t-1)	0.009	0.013	0.009	0.013	0.094	0.042	0.106	0.044	0.398	0.259	0.476	0.275
c_INTANGIBLE_ASSET_RATIO (t-1)	-0.010	0.598	-0.017	0.598	1.086	0.568	1.291	0.530	8.282	2.780	9.259	2.783
c_SHORTLOAN_RATIO (t-1)	-0.006	0.027	-0.007	0.027	0.073	0.046	0.087	0.049	0.154	0.308	0.242	0.316
c_PBR (t-1)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
c_R&D_INTENSITY (t-1)	-1.149	0.497	-1.123	0.500	-0.148	0.433	-0.221	0.482	0.055	4.892	-0.235	4.754
b_EFFIC (t-1)	0.005	0.009	0.012	0.017	0.001	0.012	-0.037	0.025	-0.018	0.058	-0.184	0.102
b_EFFIC (t-1)	-0.020	0.040	0.123	0.069	0.566	0.259	0.015	0.009
× TOTAL_LOANSHARE (t-1)
_cons	-0.656	0.496	-0.660	0.495	-1.181	0.500	-1.121	0.516	-1.774	2.278	-1.417	2.358
# Obs	1223	1223	1223	548	548	548	548	380	380	380	7100	7100
# Groups	674	674	674	309	309	309	217	217	217	217	1204	1204
Obs per group min	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
Obs per group avg	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	5.9	5.9
Obs per group max	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	18.0	18.0
Prob > F	0.0000	0.0000	0.0000	0.0029	0.0003	0.0003	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
R-sq (within)	0.1358	0.1364	0.1364	0.2299	0.2490	0.2490	0.3539	0.3689	0.1325	0.1331	0.1331	0.1331

Note: All the estimation employ the fixed-effect model, which is selected through the standard model specification test (F-test to compare Fixed-effect and Pooling OLS, Hausman-test for comparing Fixed-effect and Random-effect models. $ *^{***} $ :1%, $ *^{**} $ :5%, $ *^{0} $ :10%. Dependent variable is either (a) the growth in firm TFP, which is measure as the deviation from the industry average, in τ periods from t ("DIF"), or (b) the natural log of firm TFP at t+τ ("LEVEL"). c_LEVERAGE is the ratio of total liability to total asset (c_denotes firm variables), c_LNSIZE is the natural log of total asset, c_ROA is the ratio of EBITDA to total asset, c_BANK_DEPENDENCY is the ratio of bank borrowing (including short and total borrowing) to total liability, c_LIQUIDITY_RATIO is the ratio of liquidity asset to liquidity liability, c_INTANGIBLE_ASSET_RATIO is the ratio of intangible asset to total asset, c_SHORTLOAN_RATIO is the ratio of short-term bank borrowing to total bank borrowing, c_PBR is the Price-to-Book Ratio, and c_R&D_INTENSITY is the ratio of R&D expenditure to total sales. b_EFFIC is the credit risk-adjusted FISIM output of bank divided by its operational cost. TOTAL_LOANSHARE is the share of top lender's total loan outstanding. The group for panel estimation is the match between a firm and its top lender. All the standard error is adjusted for clusters.