Dependent variable is total factor productivity (TFP). All specifications include data from
1989 and 1994 only. Columns (1) and (3) include all firms, while Columns (2) and (4)
include only firms that existed in 1989. All specifications include year and industry
dummy variables. Standard errors are in parentheses, and are clustered at the state industry level. *, **, and *** represent significance at the 10%, 5%and1% levels, respectively.