| Variables | Low (1) | High (1) | Variables | Low (2) | High (2) |
| L1. rqye | 0. 0069 (0. 91) | 0. 0172*** (3. 10) | L1. rqyl | 0. 0047 (0. 62) | 0. 0149*** (2. 67) |
| L2. rqye | 0. 0077 (1. 03) | 0. 0129** (2. 35) | L2. rqyl | 0. 0062 (0. 82) | 0. 0102* (1. 84) |
| L1. rzye | −1. 2491*** (−11. 95) | −1. 6032*** (−21. 07) | L1. rzye | −1. 2473*** (−1193) | −1. 5590*** (−21. 02) |
| L2. rzye | −0. 8792*** (−8. 48) | −1. 0390*** (−13. 77) | L2. rzye | −0. 8785*** (−8. 48) | −1. 0374*** (−13. 75) |
| cons | 0. 6599*** (3. 18) | 1. 1185*** (7. 00) | cons | 0. 6595*** (3. 18) | 1. 181*** (7. 00) |
| Control variables | control | control | Control variables | control | control |
| Company/time fix effect | control | control | Company/time fix effect | control | control |
| R2 | 0. 031 | 0. 036 | R2 | 0. 031 | 0. 036 |
| N | 121, 538 | 124, 120 | N | 121, 538 | 124, 120 |
| id | 138 | 110 | id | 138 | 110 |