| (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 |