Time_trend

0.00293

−0.0892***

0.0700***

0.101***

(0.0331)

(0.0320)

(0.0154)

(0.0202)

Constant

6.353***

6.346***

6.026***

6.297***

(0.496)

(0.487)

(0.412)

(0.507)

Observations

869

870

887

887

Number of entities

113

113

115

115

Adjusted R2 overall

0.139

0.175

0.295

0.243