| Variables | Low (1) | High (1) | Variables | Low (2) | High (2) |
| L1. rqye | 0. 0071 (1. 06) | 0. 0171*** (2. 53) | L1. rqyl | 0. 006 (0. 90) | 0. 0137** (2. 02) |
| L2. rqye | 0. 0072 (1. 09) | 0. 0130** (1. 94) | L2. rqyl | 0. 0067 (1. 01) | 0. 0094 (1. 40) |
| L1. rzye | −1. 5656*** (−16. 53) | −1. 2467*** (−13. 75) | L1. rzye | −1. 5642*** (−16. 52) | −1. 2424*** (−13. 70) |
| L2. rzye | −1. 1093*** (−11. 81) | −0. 8060*** (−8. 96) | L2. rzye | −1. 1090*** (−11. 81) | −0. 8041*** (−8. 94) |
| cons | 1. 4947*** (6. 66) | 0. 4214** (2. 44) | cons | 1. 4938*** (6. 66) | 0. 4214** (2. 44) |
| Control variables | control | control | Control variables | control | control |
| Company/time fix effect | control | control | Company/time fix effect | control | control |
| R2 | 0. 028 | 0. 037 | R2 | 0. 028 | 0. 037 |
| N | 124, 666 | 120, 819 | N | 124, 666 | 120, 819 |
| id | 140 | 108 | id | 140 | 108 |