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Exclusion of influencing factors.
| Model 1 | Model 2 | Model 3 | |
|---|---|---|---|
| DF | 0.028*** (3.344) | 0.033*** (3.974) | 0.022** (2.119) |
| Controls | Yes | Yes | Yes |
| Constant | 0.168*** (7.372) | 0.158*** (6.829) | 0.172*** (5.784) |
| Firm FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| N | 7024 | 7315 | 4692 |
| R2 | 0.273 | 0.264 | 0.300 |
Note: t values in parentheses, *indicates p < 0.10, **indicates p < 0.05, ***indicates p < 0.01.
