Notes: The dependent variable is |${\eta _{rst}}$|⁠. Columns (1) and (2) use an index of labor pooling as the main explanatory variable to interact with aging. Columns (3) and (4) use a measure of entrepreneurship and columns (5) and (6) use a measure of knowledge spillovers. Labor pooling is estimated as |$L{P_{rst}} = \mathop \sum \limits_i \left| {\left( {{\Delta}{e_{\left( {it} \right)}} - {\Delta}{e_{rst}}} \right)} \right|/n$|⁠. Knowledge spillovers are gauged as the overall sum of patents in each region r for each year from 2014 to 2022. Entrepreneurship is the yearly growth rate in the count of firms in each region and industry. All the columns add competition, size, young and old dependency ratios, population density, and a location quotient for specialization as control variables. Standard errors are clustered at the regional level (NUTS-2). All specifications include year and industry FE.

P < 0.01,

P < 0.05, and

P < 0.1.