VARIABLES | (1) | (2) | (3) | (4) |
|
|
|
| |
Constant | 0.765*** | 0.888*** | −1.617** | −0.731 |
| (0.243) | (0.164) | (0.697) | (0.475) |
| 0.009*** | 0.006*** | 0.005*** | 0.004*** |
| (0.001) | (0.001) | (0.001) | (0.001) |
| 2.838 | 3.115 | 3.620 | 6.747 |
| (6.035) | (4.113) | (6.724) | (4.584) |
| 3.045*** | 1.639*** | 3.248*** | 1.743*** |
| (0.616) | (0.421) | (0.774) | (0.516) |
| −0.014 | 0.003 | −0.057 | −0.028 |
| (0.033) | (0.022) | (0.036) | (0.024) |
| −0.056*** | −0.053*** | 0.038 | 0.009 |
| (0.011) | (0.007) | (0.033) | (0.023) |
| 0.016** | 0.007 | 0.051*** | 0.040*** |
| (0.008) | (0.005) | (0.012) | (0.008) |
| 0.064*** | 0.046*** | −0.138*** | −0.073*** |
| (0.013) | (0.008) | (0.014) | (0.009) |
| 0.322* | 0.113 | 0.375 | 0.237 |
| (0.178) | (0.122) | (0.287) | (0.191) |
| 0.082* | 0.041 | 0.104 | 0.042 |
| (0.042) | (0.029) | (0.074) | (0.050) |
| −0.027 | −0.015 | −0.166 | −0.062 |
| (0.056) | (0.038) | (0.121) | (0.081) |
| 0.058 | −0.024 | −0.225 | −0.064 |
| (0.218) | (0.145) | (0.304) | (0.200) |
| 0.001 | 0.001* | 0.005*** | 0.003*** |
| (0.001) | (0.000) | (0.001) | (0.001) |
Industry fixed effect | Control | Control |
|
|
Year fixed effect | Control | Control | Control | Control |
Firm fixed effect |
|
| Control | Control |
Observations | 9925 | 9925 | 9925 | 9925 |
R-squared | 0.060 | 0.061 | 0.059 | 0.053 |