| variant | (29) | (30) |
| BC | −0.023*** | −0.019*** |
| (−6.423) | (−5.183) | |
| BC × intangible |
| −0.038*** |
|
| (−3.458) | |
| intangible |
| 0.019*** |
|
| (3.134) | |
| Ind/Year/Controls | Yes | Yes |
| cons | 0.125*** | 0.121*** |
| (4.441) | (4.311) | |
| N | 25932 | 25932 |
| r2 | 0.165 | 0.166 |