domestic competition intensity (1–mean markup in a given sector in year t–from the full
InfoCredit data set) in a given 2 digit NACE sector▪ Imp–import penetration measured at 2
digit NACE level 𝒊𝒑𝒓𝒋𝒕= 𝜷𝟎+ 𝜷𝟏 𝒄𝒐𝒎𝒑𝒊𝒕+ 𝜷𝟐 𝒄𝒐𝒎𝒑 𝒔𝒒𝒊𝒕+ 𝜷𝟑 𝒂𝒈𝒆𝒋𝒕+ 𝜷𝟒 𝒂𝒈𝒆
𝒔𝒒𝒋𝒕+ 𝜷𝟓 𝒊𝒎𝒑_𝒑𝒆𝒏𝒊𝒕+ 𝜷𝟔 𝒄𝒐𝒓𝒑𝒋𝒕+ 𝜷𝟕 𝒚𝒆𝒂𝒓+ 𝜷𝟖 𝒊𝒏𝒅𝒖𝒔𝒕𝒓𝒚+ 𝜷𝟗 𝒓𝒆𝒈𝒊𝒐𝒏+
𝜺𝒋𝒕