|
| mv | mv |
| cons | 1.852*** | 2.711*** |
|
| (7.29) | (18.77) |
| xcash | 2.714*** | −0.755 |
|
| (5.09) | (−1.53) |
| state | −0.243*** |
|
|
| (−8.23) |
|
| state*xcash | −1.251** |
|
|
| (−2.21) |
|
| central |
| 0.031 |
|
|
| (0.86) |
| central*xcash |
| 2.640*** |
|
|
| (3.85) |
| controlled variables | Yes | Yes |
| N | 6508 | 5044 |
| R2 | 0.5613 | 0.5621 |
| Adj-R2 | 0.5584 | 0.5580 |
| F | 192.322 | 135.680 |