| HCSE | ||||
(1) | (2) | (3) | (4) | (5) | |
HHI | −0.170** | −0.175*** | −0.196*** | −0.074*** | −0.003 |
| (−2.544) | (−2.624) | (−3.116) | (−2.907) | (−0.149) |
COEFF | −0.091*** | −0.097*** | −0.095*** | −0.137*** | −0.132*** |
| (−4.540) | (−4.795) | (−5.000) | (−7.919) | (−7.598) |
STD | 0.195*** | 0.195*** | 0.093*** | 0.123*** | 0.086*** |
| (5.36) | (5.363) | (2.858) | (4.046) | (2.808) |
AT | −0.045*** | −0.050*** | 0.074*** | 0.062*** | 0.055*** |
| (−3.341) | (−3.644) | −22.451 | −20.836 | −19.208 |
MB | −0.009* | −0.010** | 0.017*** | 0.028*** | 0.030*** |
| (−1.854) | (−2.083) | (4.615) | (7.919) | (8.855) |