Variable

Benchmark model

Model 1

Model 2

Dynai,t

0.443***

0.450***

(0.002)

(0.001)

Ffi,t

0.180

(0.223)

Dyna × ffi,t

0.221***

(0.005)

Agei,t

0.975

0.867

0.849

(0.160)

(0.198)

(0.204)

Esizei,t

−0.206**

−0.232***

−0.194***

(0.017)

(0.007)

(0.007)

Csizei,t

0.247***

0.166

0.170*

(0.007)

(0.102)

(0.089)

Dumt2

−0.088**

−0.066

−0.070*

(0.034)

(0.106)

(0.086)

Dumt3

−0.168**

−0.127*

−0.129*

(0.024)

(0.083)

(0.077)

_cons

−6.604***

−4.302*

−4.633**

(0.002)

(0.060)

(0.042)

F

3.35***

5.70***

5.80***

Adj.R2

0.016

0.029

0.043