High market level group

Low market level group

tbc

tbc

tbc

tbc

tbc

tbc

tbc

tbc

cor

0.205***

(4.180)

−0.185

(1.500)

ecor

0.0636*

(1.720)

0.0139

(0.14)

SEA

0.141045***

(3.88)

−0.0836738

(−0.95)

mix

0.246***

(4.210)

0.198

(1.110)

educetio

0.105*

(1.850)

−0.0718

(−0.490)

wor

0.139***

(2.760)

−0.157

(−1.460)

riskb

3.232726***

(5.72)

5.501483***

(10.73)

Controls

YES

YES

YES

YES

YES

YES

YES

YES

Year

YES

YES

YES

YES

YES

YES

YES

YES

INDUSTRY

YES

YES

YES

YES

YES

YES

YES

YES