问题描述:
英语翻译
In Table 7,we undertake further robustness checks on our measure of external dependence.While we vary the measure of external dependence,we maintain as a measure of financial development a country's accounting standards,instrumented as above.
In the first column,external dependence is calculated restricting the sample only to mature firms (listed for more than ten years) in the United States.Our interaction variable is positive and statistically significant and the estimated differential growth rate (0.9 percent) is similar to that for the entire sample.
Next,we check whether there is persistence in dependence.If the pattern of financing in the United States in the 1980's is very different from the pattern in the 19709s,it would be unreasonable to expect dependence to carty any information for other countries (especially developing countries that may use older technologies).The raw correlation between an industry's demand for external financing in the 1980's and its demand in the 1970's is 0.63.The coefficient estimate when dependence is measured by the demand for external financing in the 1970's is statistically significant,and the
estimated differential growth rate is 0.9 percent.
In Table 7,we undertake further robustness checks on our measure of external dependence.While we vary the measure of external dependence,we maintain as a measure of financial development a country's accounting standards,instrumented as above.
In the first column,external dependence is calculated restricting the sample only to mature firms (listed for more than ten years) in the United States.Our interaction variable is positive and statistically significant and the estimated differential growth rate (0.9 percent) is similar to that for the entire sample.
Next,we check whether there is persistence in dependence.If the pattern of financing in the United States in the 1980's is very different from the pattern in the 19709s,it would be unreasonable to expect dependence to carty any information for other countries (especially developing countries that may use older technologies).The raw correlation between an industry's demand for external financing in the 1980's and its demand in the 1970's is 0.63.The coefficient estimate when dependence is measured by the demand for external financing in the 1970's is statistically significant,and the
estimated differential growth rate is 0.9 percent.
问题解答:
我来补答展开全文阅读