Variables | IRAR | IRAL | ||||
| (1) | (2) | (3) | (4) | (5) | (6) |
| 0.030* | 0.057* | 0.188*** | 0.009*** | 0.010*** | 0.015*** |
| (1.79) | (1.70) | (5.06) | (7.21) | (4.37) | (6.20) |
| 0.063*** | 0.067*** | 0.062*** | 0.004*** | 0.004*** | 0.004*** |
| (3.88) | (4.11) | (3.80) | (4.78) | (5.02) | (4.36) |
D_ret | −0.328*** | −0.338*** | −0.315*** | −0.021*** | −0.021*** | −0.019*** |
| (−3.81) | (−3.93) | (−3.66) | (−4.52) | (−4.61) | (−4.02) |
LnTNA |
| −0.023** | −0.022** |
| −0.001** | −0.001* |
|
| (−2.30) | (−2.18) |
| (−2.16) | (−1.92) |
LnAge |
| −0.046** | −0.051** |
| −0.002 | −0.003* |
|
| (−2.01) | (−2.21) |
| (−1.53) | (−1.88) |
|
| 5.884** | 5.108** |
| 0.569*** | 0.496*** |
|
| (2.49) | (2.17) |
| (3.53) | (3.08) |
|
| −0.295*** | −0.190* |
| −0.024*** | −0.020*** |
|
| (−4.79) | (−1.77) |
| (−6.17) | (−3.15) |
|
| 0.073** | 0.071** |
| 0.006*** | 0.006*** |
|
| (2.49) | (2.40) |
| (3.13) | (2.99) |
|
|
| 0.013* |
|
| 0.001*** |
|
|
| (1.79) |
|
| (2.92) |
|
|
| −0.007 |
|
| 0.000 |
|
|
| (−1.10) |
|
| (0.24) |
|
|
| −0.001 |
|
| 0.000 |
|
|
| (−0.08) |
|
| (0.02) |
|
|
| −0.026*** |
|
| −0.002*** |
|
|
| (−3.69) |
|
| (−5.21) |
Cons | 0.690*** | 1.384*** | 0.715** | −0.062*** | −0.011 | −0.043** |
| (7.62) | (4.89) | (2.46) | (−8.31) | (−0.58) | (−2.18) |
Time effect | Control | Control | Control | Control | Control | Control |
Fixed effect | Control | Control | Control | Control | Control | Control |
N | 5560 | 5560 | 5560 | 5560 | 5560 | 5560 |
| 0.216 | 0.223 | 0.227 | 0.282 | 0.294 | 0.304 |