| Variables | (1) | (2) |
| FASHORT | FALONG | |
| L.MPU | 2.039 | −4.749*** |
|
| (1.53) | (−4.69) |
| Constant | 3.780 | 31.903*** |
|
| (0.73) | (6.15) |
| Firm controls | YES | YES |
| Macroeconomic controls | YES | YES |
| Firm-fixed effect | YES | YES |
| Observations | 21,854 | 21,854 |
| R2 | 0.148 | 0.046 |