VARIABLES | (1) | (2) | (3) | (4) |
|
|
|
| |
Constant | 0.713*** | 0.846*** | −1.861*** | −0.917* |
| (0.245) | (0.165) | (0.700) | (0.477) |
| −0.008* | −0.007** | −0.015*** | −0.011*** |
| (0.005) | (0.003) | (0.005) | (0.004) |
| 0.014*** | 0.010*** | 0.011*** | 0.008*** |
| (0.002) | (0.001) | (0.002) | (0.002) |
| 3.097 | 3.325 | 3.973 | 7.007 |
| (6.027) | (4.105) | (6.711) | (4.571) |
| 3.132*** | 1.709*** | 3.353*** | 1.823*** |
| (0.615) | (0.420) | (0.773) | (0.515) |
| −0.016 | 0.002 | −0.060* | −0.031 |
| (0.033) | (0.023) | (0.036) | (0.025) |
| −0.054*** | −0.052*** | 0.049 | 0.017 |
| (0.011) | (0.007) | (0.033) | (0.023) |
| 0.015** | 0.007 | 0.049*** | 0.038*** |
| (0.008) | (0.005) | (0.012) | (0.008) |
| 0.064*** | 0.047*** | −0.137*** | −0.073*** |
| (0.013) | (0.008) | (0.014) | (0.009) |
| 0.330* | 0.121 | 0.356 | 0.223 |
| (0.178) | (0.122) | (0.286) | (0.190) |
| 0.080* | 0.039 | 0.107 | 0.044 |
| (0.042) | (0.028) | (0.074) | (0.050) |
| −0.024 | −0.0128 | −0.164 | −0.060 |
| (0.056) | (0.038) | (0.120) | (0.080) |
| 0.094 | 0.004 | −0.210 | −0.052 |
| (0.218) | (0.145) | (0.304) | (0.200) |
| 0.001 | 0.001* | 0.004*** | 0.003*** |
| (0.0017) | (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 | 0.061 | 0.063 | 0.061 | 0.055 |