Variable

Panel A

Regression analysis with FS controlling variable

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Constant

2.8803^***

2.8536^***

2.2135^***

2.6853^***

−0.1257

−0.6211^**

−0.5982^**

−0.2527

0.0874^***

0.0215

(4.4427)

(4.3634)

(3.3622)

(3.8534)

(−0.5554)

(−2.4530)

(−2.1933)

(−1.1434)

(3.4448)

(0.5858)

DY

0.6957

0.1691

0.1630

−0.4753

0.1144

−0.0481

−0.2716

−0.8804^***

−0.2604^**

0.0612

(1.1638)

(0.7091)

(0.4526)

(−0.4300)

(0.4389)

(−0.2214)

(−0.7994)

(−3.9838)

(−2.2341)

(0.3240)

TAG

−0.5444

0.2149

0.0638

−0.0187

0.0170

−0.1490

−0.1879

0.0271

−0.2303^***

−0.1704^***

(−1.7064)

(0.9510)

(0.2325)

(−0.0587)

(0.1875)

(−0.8126)

(−1.2869)

(0.3235)

(−5.6124)

(−3.0955)

SG

−0.1566

−0.2275

0.0367

−0.1139

−0.1008

0.2428^*

0.0532

0.1032

−0.0234

0.2275^***

(−0.5454)

(−0.9654)

(0.1399)

(−0.3540)

(−0.9290)

(1.8128)

(0.3281)

(1.2858)

(−0.7775)

(4.1204)

EPSSP

−0.5405

0.0171

0.2619

0.7386

−0.1887

−0.2185

0.0606

0.8900^***

0.2943^**

−0.0462

(−0.9197)

(0.0765)

(0.8645)

(0.6598)

(−0.7768)

(−0.9636)

(0.1791)

(4.2171)

(2.4783)

(−0.2495)

CI

0.0550

−0.4590^*

−0.0846

−0.0030

1.0174^***

1.0229^***

0.9267^***

0.9032^***

1.1062^***

1.0139^***

(0.2445)

(−1.8655)

(−0.2774)

(−0.0085)

(8.8986)

(11.1436)

(11.9788)

(12.6200)

(39.1196)

(29.5422)

FS

−1.1516^***

−1.1085^***

−0.9090^***

−0.8748^***

0.0592

0.2390^**

0.1787^**

0.0593

−0.0781^***

−0.0232

(−4.3083)

(−4.1568)

(−3.1263)

(−3.7204)

(0.4715)

(2.2029)

(2.1206)

(1.0781)

(−3.2792)

(−0.5882)

R²

0.7094

0.6394

0.5446

0.5281

0.8889

0.9508

0.9283

0.9763

0.9952

0.9862

Adjusted R²

0.4914

0.4427

0.3625

0.3393

0.8472

0.9323

0.9014

0.9675

0.9934

0.9810

F

3.2543^*

3.2508^*

2.9900

2.7972

21.3343^***

51.5183^***

34.5195^***

110.0062^***

550.5495^***

190.6002^***