| Model 1 | Model 2 (ID mod) | Model 2 (EI mod) | ||||
| Indep | MSCI | MSCI | MSCI | |||
| C | 0.827 (0.223) | 0.544 (0.298) | 0.271 (0.48) | 2.653*** (0.000) | 1.653 (0.576) | −0.026 (0.967) |
| Year | 0.19 (0.330) | 0.663*** (0.000) | 0.096 (0.324) | 0.116 (0.236) | 0.088 (0.367) | 0.657*** (0.000) |
| Own | 0.191 (0.214) | −0.037 (0.695) | 0.098 (0.205) | −0.107 (0.174) | 0.092 (0.233) | 0.037 (0.696) |
| ENR | 0.279*** (0.001) |
| 0.316*** (0.000) |
| 0.04 (0.789) | |
| ID | 0.096 (0.441) | 0.05 (0.373) |
|
| ||
| ID*ENR |
| 0.145*** (0.000) |
|
| ||
| EO |
|
| 0.143** (0.045) | 0.303* (0.057) | ||
| EO*ENR |
|
|
| 0.01 (0.857) | ||
| R2 | 0.409 | 0.125 | 0.41 | 0.401 | 0.416 | 0.133 |
| F | 100.278 | 20.745 | 60.182 | 57.998 | 61.712 | 13.238 |
| Sig. F | 0 | 0.000 | 0 | 0 | 0 | 0 |