**Table 6. The effect of electricity access on medium-sized manufacturing firms’ exports (% total sales): Local versus foreign firms.**

|Dependent variable:**Exports % t**|**otalsales**||||||||
|---|---|---|---|---|---|---|---|---|
|||Domestic Fir|ms|||Foreign Fir|ms||
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Treatment#Local_Firm**|12.67|6.00|4.61|5.87|||||
||(2.86)***|(2.17)**|(1.96)**|(1.89)***|||||
|Firms’ age||<br>0.11|<br>0.07|<br>0.07||0.05|0.01|0.02|
|||(0.12)|(0.11)|(0.09)||(0.09)|(0.11)|(0.09)|
|Firms’ status||0.35|0.02|1.30||3.24|3.14|3.28|
|||(1.71)|(1.67)|(1.53)||(1.22)**|(1.26)**|(1.03)***|
|Gender||<br>1.83|<br>-0.62|<br>1.85||<br>-1.39|<br>-0.42|<br>1.24|
|||(6.78)|(6.97)|(7.29)||(7.41)|(5.36)|(4.65)|
|(Log+1)Labor(t-3)||1.46|0.83|1.84||-2.66|-2.14|-3.64|
|||(1.14)|(1.49)|(2.35)||(2.63)|(4.57)|(4.46)|
|(Log+1)Output(t-3)||<br>-1.28|<br>-1.61|<br>-2.30||<br>-0.64|<br>-0.97|<br>-0.82|
|||(0.72)*|(0.76)**|(0.65)***||(0.48)|(0.61)|(0.77)|
|Transport||<br>1.04|<br>0.56|<br>0.43||<br>2.54|<br>0.93|<br>0.93|
|||(1.52)|(1.50)|(1.69)||(1.02)**|(1.10)|(0.99)|
|Exchange rate growth(t-1)||0.30|0.20|-0.16||0.64|0.58|-0.18|
|||(0.29)|(0.28)|(0.04)***||(0.23)***|(0.30)*|(0.09)*|
|Trade openness(t-1)||0.33|0.58|0.76||0.29|0.91|-0.18|
|||(0.19)*|(0.39)|(0.28)**||(0.34)|(0.67)|(0.11)|
|Generator Use|||<br>3.86|<br>4.01|||<br>0.48|<br>-2.71|
||||(2.73)|(3.19)|||(5.92)|(7.75)|
|Electricity losses(t-1)|||<br>0.12|<br>-0.67|||<br>-0.43|<br>0.11|
||||(0.16)|(0.17)***|||(0.22)*|(0.18)|
|GDP per capita(t-1)|||<br>-0.00|<br>-0.01|||<br>-0.01|<br>0.01|
||||(0.00)|(0.00)***|||(0.00)|(0.01)|
|GDP growth(t-1)|||0.27|-0.28|||-0.31|-0.99|
||||(0.52)|(0.27)|||(0.52)|(0.52)*|
|Rule of law growth(t-1)|||<br>-0.08|<br>-0.42|||<br>0.07|<br>0.23|
||||(0.06)|(0.06)***|||(0.10)|(0.10)**|
|**Treatment#Foreign_Firm**|||||11.35|5.40|<br>3.92|<br>7.24|
||||||(5.12)**|(4.86)|(4.01)|(3.81)*|
|R2|0.10|0.23|0.26|0.30|0.11|<br>0.31|<br>0.33|0.37|
|_N_|1,544|978|978|978|1,374|887|887|887|
|# Countries|39|39|39|39|39|39|39|39|
|- Fixed Effects: Country,<br>|No|No|No|Yes|No|No|No|Yes|
|Year|||||||||

Weighted ordinary least squares regression is the estimation approach, with standard errors clustered at country-level in parentheses. The treatment variable is a dummy variable taking 1 if the company declares not suffering from power outages and 0 otherwise. The dependent variable is the companies' share of exports in total sales. We include control variables (firms' age, firms' status, manager gender, labor and sales three years ago, the quality of transport service, the real exchange rate, trade openness index) and covariates (firms' use of generators, firms' size, electricity losses during transmission and transport, GDP per capita, GDP growth, rule of law growth). Country-level covariates are lagged by one year to avoid reverse causality between them and the occurrence of electricity access in the first stage of the entropy balancing method. Country and year fixed effects are introduced in all full estimates. This table considers only medium-sized companies employing between 20 and 99 workers. Foreign firms are those in which the share of capital held by foreigners is over 50%, otherwise the companies are considered local. * _p_ <0.1; ** _p_ <0.05; *** _p_ <0.01.

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