High market level group

Low market level group

riskb

riskb

riskb

riskb

riskb

riskb

cor

0.00178*

(1.800)

−0.00101

(−0.320)

ecor

0.000776

(1.030)

0.000713

(0.280)

SEA

0.00221***

(3)

0.000403

(0.180)

mix

0.000538

(0.460)

0.00764*

(1.67)

educetio

0.00326***

(2.830)

−0.00662*

(−1.770)

wor

0.00261**

(2.560)

0.00191

(0.680)

Controls

YES

YES

YES

YES

YES

YES

Year

YES

YES

YES

YES

YES

YES

INDUSTRY

YES

YES

YES

YES

YES

YES