# **<u>Table 3 Firm-level Productivity Growth and Changes in Country Characteristics in the EU15</u>**

||||**Manufa**|**cturing**||||**S**|**ervices (exce**|**pt constructio**|**n)**||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|
|**Ln(Prod)2003**|-0.0904***|-0.0904***|-0.0904***|-0.0904***|-0.0904***|-0.0895***|-0.0850***|-0.0850***|-0.0850***|-0.0850***|-0.0850***|-0.0850***|
||(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|
|**Size(50-249)**<sup>**1**</sup>|0.0053*|0.0053*|0.0054*|0.0053*|0.0053*|0.0060**|0.0057***|0.0057***|0.0057***|0.0057***|0.0057***|0.0057***|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**Size(250-499)**<sup>**1**</sup>|0.0149*|0.0149*|0.0149*|0.0149*|0.0149*|0.0148*|0.0118*|0.0118*|0.0118*|0.0118*|0.0118*|0.0118*|
||(0.008)|(0.008)|(0.008)|(0.008)|(0.008)|(0.008)|(0.006)|(0.006)|(0.006)|(0.006)|(0.006)|(0.006)|
|**Size(500-999)**<sup>**1**</sup>|-0.0051|-0.0051|-0.0049|-0.005|-0.005|-0.0047|-0.0081|-0.0081|-0.0081|-0.0081|-0.0081|-0.0081|
||(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|(0.008)|(0.008)|(0.008)|(0.008)|(0.008)|(0.008)|
|**Size(1000+)**<sup>**1**</sup>|0.0035|0.0035|0.0036|0.0036|0.0036|0.0036|0.0256*|0.0256*|0.0256*|0.0256*|0.0256*|0.0256*|
||(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|(0.015)|(0.015)|(0.015)|(0.015)|(0.015)|(0.015)|
|**Age(6-10)**<sup>**2**</sup>|-0.0012|-0.0011|-0.0013|-0.0012|-0.0012|-0.0017|-0.003|-0.003|-0.003|-0.003|-0.003|-0.003|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**Age(11-20)**<sup>**2**</sup>|0.002|0.002|0.002|0.002|0.002|0.0022|0.0016|0.0016|0.0016|0.0016|0.0016|0.0016|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**Age(21-30)**<sup>**2**</sup>|0.0054|0.0054|0.005|0.0053|0.0052|0.003|0.0049**|0.0049**|0.0049**|0.0049**|0.0049**|0.0049**|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**Age(>=31)**<sup>**2**</sup>|0.0053|0.0053|0.0058*|0.0055*|0.0057*|0.0042|0.0065***|0.0065***|0.0065***|0.0065***|0.0065***|0.0065***|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**Global Head.**<sup>**3**</sup>|0.0213***|0.0213***|0.0216***|0.0214***|0.0215***|0.0228***|0.0287***|0.0287***|0.0287***|0.0287***|0.0287***|0.0287***|
||(0.005)|(0.005)|(0.005)|(0.005)|(0.005)|(0.005)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|
|**Foreign aff.**<sup>**3**</sup>|0.0175***|0.0175***|0.0179***|0.0176***|0.0177***|0.0184***|0.0236***|0.0236***|0.0236***|0.0236***|0.0236***|0.0236***|
||(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|**var0308_instock_gdp**<sup>**4**</sup>|-0.0152***|-0.0148***|-0.0196***|-0.0145***|-0.0182***|-0.0213***|-0.0022**|-0.0023**|-0.0023**|-0.0024*|-0.0023**|-0.0022**|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|(0.001)|
|**var0308_outstock_gdp**<sup>**4**</sup>|0.005***|0.008***|0.007***|0.005***|0.008***|0.0024***|0.003|0.001|0.003|0.003|0.002|0.001|
||(0.001)|(0.000)|(0.000)|(0.00)|(0.000)|(0.001)|(0.001)|(0.001)|(0.002)|(0.001)|(0.001)|(0.000)|
|**var0308_credit_gdp**|-0.0004**|-0.0004**|-0.0008**|-0.0005**|-0.0011**|-0.0006**|-0.0005***|-0.0005***|-0.0005***|-0.0005***|-0.0005***|-0.0005***|
||(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|(0.000)|

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