Constant | 16.748*** | 18.272*** | 19.952*** | 20.020*** | 13.582*** | 7.412** |
| (5.53) | (6.12) | (6.56) | (6.22) | (4.50) | (2.45) |
Industry FE | YES | YES | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES | YES | YES |
N | 3216 | 3216 | 3216 | 3216 | 3216 | 3216 |