Variable Name

(1)

Individual Effect

(2)

Spatial Effect

(3)

Time Effect

Debt

Debt

Debt

AE

20.91***

7.91***

20.91***

(4.275)

(2.139)

(4.275)

TRG

168.3***

17.51

168.3***

(35.501)

(13.380)

(35.501)

Constant

−156.5***

−13.06

−156.5***

(34.361)

(12.903)

(34.361)

Observations

204

204

204

R-squared

0.199

0.915

0.199

Ajusted R²

0.0491

0.0491

0.0491