variant

radius match

nuclear matching

1:4 near-neighbour

matching in calipers

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

BC

−0.016***

−0.017***

−0.015***

−0.016***

−0.017***

−0.015***

−0.016***

−0.017***

−0.015***

(−4.32)

(−4.72)

(−4.11)

(−4.30)

(−4.70)

(−4.09)

(−4.32)

(−4.72)

(−4.11)

BC ×

INST

−0.001***

−0.001***

−0.001***

(−2.76)

(−2.72)

(−2.76)

INST

0.001***

0.001***

0.001***

(3.75)

(3.67)

(3.75)

BC ×

Indep

−0.001**

−0.001**

−0.001**

(−1.98)

(−1.97)

(−1.97)

Indep

0.001

0.001

0.001

(1.18)

(1.23)

(1.18)

Ind/Year/

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

cons

0.087**

0.117***

0.078**

0.089**

0.120***

0.079*

0.087**

0.117***

0.078**

(2.33)

(3.05)

(2.08)

(2.05)

(2.72)

(1.83)

(2.33)

(3.05)

(2.08)

N

15584

15584

15584

15573

15573

15573

15584

15584

15584

R2

0.170

0.171

0.170

0.169

0.170

0.169

0.170

0.171

0.170