High market level group

riskb

riskb

riskb

cor

0.112*

(1.870)

ecor

0.103**

(2.270)

U

3.162**

(2.380)

V

−1.572

(−1.510)

SEA

0.140***

(3.210)

O

−0.287

(−0.310)

mix

0.193****

(2.730)

educetio

0.179**

(2.550)

wor

0.113*

(1.860)

R

1.991

(1.180)

S

−3.022*

(−2.050)

T

0.523

(0.420)

riskb

4.601***

(9.21)

4.607***

(9.220)

Controls

YES

YES

YES

Year

YES

YES

YES

INDUSTRY

YES

YES

YES