|
| Log (AGT) | |
| (1) | (2) | |
| Drop (−1) | 0.053*** | −0.022* |
|
| (0.009) | (0.013) |
| Drop (−1)・CP (−1) |
| 0.004*** |
|
|
| (0.001) |
| GDP rate | Control | Control |
| Annual fixed effect | Control | Control |
| Quarterly fixed effect | Control | Control |
| Individual fixed effects | Control | Control |
| Constant term | 0.182*** | 0.184*** |
|
| (0.065) | (0.065) |
| Observations | 1100 | 1100 |
| R2 | 0.264 | 0.282 |