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Substitution of variable measurement.
| Model 1 | Model 2 | Model 3 | |
|---|---|---|---|
| 0.014** (2.114) | |||
| DF | 0.397** (2.559) | 0.114* (1.662) | |
| Controls | Yes | Yes | Yes |
| Constant | 0.177*** (8.401) | 7.084*** (16.799) | 2.296*** (12.284) |
| Firm FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| N | 7964 | 7964 | 7964 |
| R2 | 0.261 | 0.054 | 0.067 |
Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.
