Inst

−0.006*

(−1.89)

−0.000

(−0.09)

−0.006

(−1.39)

−0.005*

(−1.74)

0.000

(0.05)

−0.005

(−1.18)

State

0.020***

(6.74)

−0.001

(−0.26)

0.019***

(4.51)

0.020***

(6.79)

−0.001

(−0.17)

0.019***

(4.64)

Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Year Effect

Yes

Yes

Yes

Yes

Yes

Yes

N

18,785

18,785

18,785

18,785

18,785

18,785

R²

0.029

0.258

0.190

0.029

0.258

0.190