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Table 1.

Variables descriptions.

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Table 2.

Summary statistics.

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Table 3.

Pairwise correlations.

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Table 4.

Privatization and intellectual capital.

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Table 5.

The results of the moderating effect of internationalization.

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Table 6.

The results of the moderating effect of regional development.

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Table 7.

Results of the GMM model.

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Table 8.

Results of the PSM: (Panel A) Results of matching process.

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