model

(4)

(5)

(6)

The independent variables

Size

Indep

Common

L.SA

1.303***

28.543***

16.479**

(1.31)

(4.29)

(1.81)

AR(1)

3.85

3.77

2.59

AR(2)

0.96

3.22

1.57

hansen

0.759

0.362

0.128

N

4376

4376

4376