(1)

2010-2013

(2)

2014-2017

SA

−2.014***

−0.908***

(0.277)

(0.198)

CEI * SA

0.011

0.054***

(0.012)

(0.015)

CEI

−0.008

−0.013*

(0.007)

(0.007)

ROS

1.061***

0.854***

(0.074)

(0.056)

Lev

0.703***

0.237***

(0.103)

(0.080)

Size

0.315***

0.486***

(0.034)

(0.022)

Age

−0.404**

−0.530***

(0.184)

(0.185)

GDP

−0.293

−0.307**

(0.256)

(0.144)

_cons

1.449

0.749

(2.621)

(1.613)

Equitynature

Y

Y

Industry

Y

Y

Year

Y

Y

Individual

Y

Y

N

7806

10,210

R-squared

0.153

0.183