(1)

(2)

(3)

(4)

(5)

(6)

lnip

lnrd

lnnp

distortion

−0.123***

−0.112***

−0.001***

−0.001**

−0.184***

−0.161***

(0.011)

(0.011)

(0.000)

(0.000)

(0.011)

(0.011)

Firm controls

Y

Y

Y

Y

Y

Y

Firm + Year FE

Y

Y

Y

Y

Y

Y

N

891,632

888,751

1,485,376

1,480,976

1,288,990

1,286,380

R²

0.626

0.630

0.467

0.469

0.683

0.691