(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