| (1) | (2) | (3) | (4) |
| mv | mv | mv (KZ index) | mv (WW index) |
cons | 3.084*** | 3.143*** | 2.851*** | 2.666*** |
| (22.56) | (26.32) | (18.64) | (17.48) |
cash | 0.208 | 0.149 | 0.859*** | 1.076*** |
| (1.34) | (1.05) | (4.22) | (4.93) |
central | 0.033 | 0.108*** | 0.127*** | 0.101 |
| (0.75) | (4.44) | (2.90) | (1.52) |
agency |
| 3.791*** |
|
|
|
| (9.05) |
|
|
central*cash | 0.502** | 0.541*** | −0.171 | −0.167 |
| (2.30) | (2.72) | (−0.56) | (−0.50) |
agency*cash |
| −12.768*** |
|
|
|
| (−3.35) |
|
|
central*agency |
| 1.343* |
|
|
|
| (1.86) |
|
|
cental*agency*cash |
| 11.106* |
|
|
|
| (1.79) |
|
|
fc |
|
| 0.334*** | 0.536*** |
|
|
| (5.35) | (9.53) |
fc*cash |
|
| −1.259*** | −1.570*** |
|
|
| (−3.24) | (−5.22) |
central*fc |
|
| −0.292*** | −0.077 |
|
|
| (−2.74) | (−0.82) |
central*fc*cash |
|
| 2.305*** | 1.050** |
|
|
| (3.42) | (2.24) |
Controlled variables | Yes | Yes | Yes | Yes |
N | 5044 | 5044 | 5044 | 5044 |
R2 | 0.5885 | 0.6189 | 0.5670 | 0.5768 |
Adj-R2 | 0.5846 | 0.6150 | 0.5625 | 0.5725 |
F | 151.448 | 156.899 | 126.484 | 131.690 |