Model 1

Model 2

Constant

−0.84 (−2.56)

−0.14 (−0.311)

K/L ratio

0.026 (11.36)

0.027 (12.519)

Dummy02

−0.55 (−0.961)

Dummy06

−1.81 (−3.113)

0.7072

0.7471