| (1) OLS | (2) FE | (3) FE | (4) Center & FE |
SA | −0.417* | −1.637*** | −1.755*** | −0.744*** |
| (0.214) | (0.533) | (0.546) | (0.180) |
CEI * SA | 0.004 | 0.014** | 0.014** | 0.014** |
| (0.003) | (0.007) | (0.007) | (0.007) |
CEI | 0.013 | 0.042 | 0.042 | −0.010*** |
| (0.010) | (0.026) | (0.027) | (0.003) |
Lev | 0.326*** | 0.449*** | 0.437*** | 0.437*** |
| (0.035) | (0.071) | (0.071) | (0.071) |
ROS | 0.631*** | 0.808*** | 0.834*** | 0.834*** |
| (0.041) | (0.069) | (0.070) | (0.070) |
Size | −0.015*** | 0.252*** | 0.272*** | 0.272*** |
| (0.005) | (0.024) | (0.024) | (0.024) |
Age | −0.084*** | −0.155** | −0.164** | −0.164** |
| (0.028) | (0.069) | (0.070) | (0.070) |
GDP | −0.017** | −0.203* | −0.184 | −0.184 |
| (0.008) | (0.117) | (0.119) | (0.119) |
_cons | −0.854 | −4.830** | −5.567** | −1.819 |
| (0.756) | (2.276) | (2.335) | (1.315) |
Equitynature | N | N | Y | Y |
Industry | N | N | Y | Y |
Year | N | Y | Y | Y |
Individual | N | Y | Y | Y |
N | 18,016 | 18,016 | 18,016 | 18,016 |
R-squared | 0.029 | 0.102 | 0.119 | 0.119 |