Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Age

−0.0065***

−0.0041***

(−11.71)

(−10.60)

Gender

−0.0298***

−0.0249***

(−5.25)

(−4.43)

Edubg

0.0281***

0.0449***

(4.64)

(7.56)

Spe

0.0006*

0.0006**

(1.81)

(2.25)

Partner

0.0196***

0.0118**

(2.92)

(2.22)

Exp

0.0031***

−0.0008

(3.88)

(−1.57)

Busyness

0.0031**

0.0040***

(2.37)

(3.63)

Big10

0.1062***

0.1075***

0.1132***

0.1114***

0.1131***

0.1137***

0.1121***

0.1131***

(19.72)

(19.93)

(21.04)

(20.69)

(21.02)

(21.10)

(20.84)

(21.01)

Em

2.3665***

2.3792***

2.3677***

2.3782***

2.3742***

2.3697***

2.3795***

2.3762***

(16.76)

(16.81)

(16.69)

(16.78)

(16.73)

(16.70)

(16.80)

(16.75)

Complexity

0.0887***

0.0887***

0.0926***

0.0905***

0.0934***

0.0928***

0.0915***

0.0922***

(4.73)

(4.72)

(4.92)

(4.81)

(4.96)

(4.93)

(4.87)

(4.90)

Switch

−0.0722***

−0.0795***

−0.0793***

−0.0791***

−0.0777***

−0.0797***

−0.0799***

−0.0769***

(−7.43)

(−8.21)

(−8.17)

(−8.16)

(−7.96)

(−8.20)

(−8.26)

(−7.89)

Opinion

0.1753***

0.1741***

0.1761***

0.1726***

0.1754***

0.1757***

0.1742***

0.1760***

(10.30)

(10.21)

(10.30)

(10.11)

(10.26)

(10.28)

(10.21)

(10.30)

Lev

−0.0752***

−0.0807***

−0.0846***

−0.0823***

−0.0853***

−0.0848***

−0.0849***

−0.0835***

(−4.72)

(−5.05)

(−5.29)

(−5.15)

(−5.32)

(−5.29)

(−5.32)

(−5.21)

Size

0.8386***

0.8412***

0.8420***

0.8396***

0.8422***

0.8418***

0.8422***

0.8432***

(136.08)

(136.69)

(136.55)

(136.06)

(136.54)

(136.40)

(136.88)

(136.58)

Punish

0.0280***

0.0259***

0.0253***

0.0259***

0.0247***

0.0246***

0.0246***

0.0247***

(4.08)

(3.76)

(3.66)

(3.75)

(3.57)

(3.56)

(3.57)

(3.57)

Loss

0.0507***

0.0499***

0.0489***

0.0488***

0.0490***

0.0490***

0.0498***

0.0492***

(5.25)

(5.15)

(5.03)

(5.03)

(5.05)

(5.05)

(5.14)

(5.07)

Grow

−0.0006**

−0.0006**

−0.0007**

−0.0006**

−0.0007**

−0.0006**

−0.0007**

−0.0006**

(−2.11)

(−2.21)

(−2.26)

(−2.20)

(−2.24)

(−2.22)

(−2.24)

(−2.21)

Year/Ind

Control

Control

Control

Control

Control

Control

Control

Control

Constant

5.5120***

5.4469***

5.2887***

5.2621***

5.2679***

5.2658***

5.2790***

5.2466***

(87.24)

(88.13)

(88.47)

(88.32)

(88.32)

(88.25)

(88.41)

(87.48)

Obs.

22,728

22,728

22,728

22,728

22,728

22,728

22,728

22,728

R-squared

0.57

0.57

0.56

0.56

0.56

0.56

0.56

0.56

r2_a

0.567

0.565

0.563

0.564

0.563

0.563

0.562

0.563

F

785.4

923.1

916.5

919.2

915.4

915.4

917.8

916.0