Variable

(1) Model 1

(2) Model 2

Coeff.

t-Stat.

Coeff.

t-Stat.

Intercept

0.1108

0.49

0.4805**

2.13

Same_company

0.2931***

2.90

0.3207***

2.92

Same_category

−2.3680***

−46.20

−2.3141***

−40.16

FD

−1.4998***

−25.29

FD(Same_company)

−0.7948***

−2.85

FD(Same_category)

−0.2185*

−1.74

Controls

-

-

-

-

N

305,632

305,632

Adjusted R²

0.0257

0.0286