“…Model 2 are low if we compare them with the estimates obtained by Manjón et al (2013) for Spain and De Loecker (2007) for Slovenia, who estimate productivity in a similar manner and also use matching methods for testing LBE. In particular, for periods (t+s), with s = 1, 2, 3 and 4, Manjón et al (2013) cumulative EPG estimates are 3.6, 5.4, 10.8 and 14.4%, respectively, whereas those in De Loecker (2007) for (t+s), with s = 1, 2, 3 and 4, are 14.7, 27.3, 41.4 and 30.6%, respectively.…”