VARIABLES | (1) | (2) | (3) | (4) |
|
|
|
| |
Constant | 0.686** | 0.919*** | −1.133 | −0.849 |
| (0.303) | (0.203) | (1.019) | (0.735) |
| −0.163** | −0.104** | −0.165* | −0.115* |
| (0.076) | (0.052) | (0.098) | (0.067) |
| 0.006*** | 0.004*** | 0.002 | 0.002 |
| (0.002) | (0.001) | (0.002) | (0.002) |
| 13.790* | 9.949* | 7.567 | 10.580 |
| (7.948) | (5.591) | (10.110) | (7.175) |
| 1.970** | 1.237** | 2.024* | 1.204 |
| (0.850) | (0.576) | (1.183) | (0.809) |
| −0.075 | −0.034 | −0.058 | −0.026 |
| (0.047) | (0.032) | (0.055) | (0.037) |
| −0.043*** | −0.048*** | 0.025 | 0.019 |
| (0.014) | (0.009) | (0.048) | (0.035) |
| 0.028*** | 0.015** | 0.046*** | 0.041*** |
| (0.010) | (0.006) | (0.017) | (0.012) |
| 0.056*** | 0.040*** | −0.169*** | −0.096*** |
| (0.016) | (0.011) | (0.019) | (0.013) |
| 0.085 | −0.091 | −0.152 | −0.217 |
| (0.232) | (0.157) | (0.401) | (0.277) |
| 0.080 | 0.039 | 0.184* | 0.054 |
| (0.052) | (0.035) | (0.102) | (0.071) |
| −0.066 | −0.036 | 0.120 | 0.016 |
| (0.078) | (0.052) | (0.170) | (0.122) |
| 0.094 | −0.034 | 0.238 | 0.064 |
| (0.292) | (0.199) | (0.474) | (0.331) |
| −0.001 | −0.000 | 0.002 | 0.003* |
| (0.001) | (0.000) | (0.002) | (0.001) |
Industry fixed effect | Control | Control |
|
|
Year fixed effect | Control | Control | Control | Control |
Firm fixed effect |
|
| Control | Control |
Observations | 5356 | 5356 | 5356 | 5356 |
R-squared | 0.069 | 0.073 | 0.074 | 0.075 |