(1)

(2)

Constant

−0.095***

(−4.94)

−0.069***

(−3.84)

0.416***

(47.84)

0.402***

(42.10)

0.0146***

(3.66)

0.002

(1.61)

−0.001***

(−5.61)

−0.001*

(−5.36)

0.006***

(7.25)

0.005***

(6.48)

−0.029***

(−6.21)

−0.034***

(−7.12)

−0.029***

(−6.21)

0.037***

(5.26)

0.006***

(4.06)

0.006***

(4.37)

IND

control

control

YEAR

control

control

R2-adjj

0.293

0.294

F

111.11***

111.53***