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Maxwell Tuuli and Ngo Van Long

factor productivity (TFP). We obtain TFP estimates directly from Diez et al. (2019) . For completeness we summarize the methodology used to estimate TFP in Diez et al. (2019) . To estimate firm level TFP, assume the following industry specific Cobb-Douglas production function: 6 q i t = β v v i t + β k k i t + ω i t + ξ i t ( 1 ) where q it represents the log of real sales, v it is the log of any flexible input (in real terms), k it refers to the log of the real capital stock, ω it stands for firm productivity and ξ it is the error term including