Variable

(1)

Variable

(2)

HS₂

0.1978*

(1.70)

RPS₂

−2.0092***

(−5.63)

Leverage

−1.5924***

(−7.32)

Leverage

0.2949***

(6.86)

Size

0.0609

(5.32)

Size

0.0073***

(6.20)

Growth

−0.0510***

(−3.74)

Growth

−0.0821***

(−17.92)

Equity

0.0091***

(10.66)

Equity

0.0073***

(6.20)

Wage

0.4123

(0.69)

Wage

−5.7955***

(−7.33)

Per GDP

3.9275**

(5.45)

Per GDP

−5.5304***

(−10.91)

Adjusted R²

0.5497

Adjusted R²

0.4484

Year FE

Y

Year FE

Y

Firm FE

Y

Firm FE

Y