| Variables | (1) | (2) | (3) | (4) | (5) |
| FA | L.RETURNFA | FA | L.COD | FA | |
| L.MPU | −0.051*** | −0.094** | −0.050*** | 2.476*** | −0.041** |
|
| (−3.05) | (−2.40) | (−2.99) | (3.36) | (−2.42) |
| L.RETURNFA |
|
| 0.011*** |
|
|
|
|
|
| (2.95) |
|
|
| L.COD |
|
|
|
| −0.001*** |
|
|
|
|
|
| (−3.21) |
| Constant | 0.404*** | −0.197** | 0.406*** | 3.901** | 0.405*** |
|
| (5.39) | (−2.44) | (5.42) | (1.96) | (5.22) |
| Firm controls | YES | YES | YES | YES | YES |
| Macroeconomic controls | YES | YES | YES | YES | YES |
| Firm-fixed effect | YES | YES | YES | YES | YES |
| Observations | 21,854 | 21,854 | 21,854 | 20,491 | 20,491 |
| R2 | 0.141 | 0.050 | 0.142 | 0.037 | 0.137 |