Inst

−0.004

(−1.22)

−0.001

(−0.18)

−0.004

(−0.98)

−0.005

(−1.52)

0.003

(0.74)

−0.002

(−0.41)

State

0.020***

(6.92)

−0.002

(−0.81)

0.018***

(4.22)

0.016***

(5.23)

0.001

(0.33)

0.017***

(3.43)

Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Year Effect

Yes

Yes

Yes

Yes

Yes

Yes

N

19196

19196

19196

19196

19196

19196

R²

0.025

0.296

0.217

0.148

0.371

0.339