| Variables | Low (1) | High (1) | Variables | Low (2) | High (2) |
| L1. rqye | 0. 0093 (1. 36) | 0. 0188*** (3. 02) | L1. rqyl | 0. 0058 (0. 83) | 0. 0195*** (3. 10) |
| L2. rqye | 0. 0101 (1. 49) | 0. 0104* (1. 68) | L2. rqyl | 0. 0072 (1. 04) | 0. 0095 (1. 52) |
| L1. rzye | −1. 4980*** (−12. 60) | −0. 7870*** (−13. 24) | L1. rzye | −2. 1111*** (−17. 56) | −0. 7854*** (−13. 22) |
| L2. rzye | −0. 0697*** (−5. 13) | −0. 4717*** (−7. 99) | L2. rzye | −1. 4961*** (−12. 58) | −0. 4716*** (−7. 99) |
| cons | 1. 8023*** (5. 93) | 0. 5755*** (5. 24) | cons | 1. 8016*** (5. 93) | 0. 5746*** (5. 24) |
| Control variables | control | control | Control variables | control | control |
| Company/time fix effect | control | control | Company/time fix effect | control | control |
| R2 | 0. 030 | 0. 030 | R2 | 0. 033 | 0. 033 |
| N | 122, 521 | 123, 126 | N | 122, 521 | 123, 126 |
| id | 145 | 103 | id | 145 | 103 |