Table 6.
The robustness results.
| Variable | PEB |
NEB |
||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| FER | −1.192*** | −0.275*** | −0.315** | −0.142*** | 0.630*** | 0.151*** | 0.075 | 0.033 |
| (-4.94) | (-5.17) | (-2.35) | (-3.42) | (3.51) | (3.53) | (0.93) | (0.88) | |
| FER2 | 5.817*** | 0.015*** | 0.020*** | 0.009*** | −5.050*** | −0.007*** | −0.005 | −0.002 |
| (3.29) | (5.22) | (2.62) | (3.70) | (-3.90) | (-3.22) | (-1.07) | (-0.92) | |
| IER | 0.004 | 0.063*** | 0.060*** | 0.024*** | −0.032*** | −0.058*** | −0.097*** | −0.043*** |
| (0.60) | (5.48) | (2.83) | (3.31) | (-6.99) | (-6.32) | (-8.37) | (-8.19) | |
| Cons | −0.564*** | 0.585** | 0.038 | 0.051 | 0.181*** | −0.518*** | 0.182 | 0.129 |
| (-7.70) | (2.54) | (0.06) | (0.26) | (3.43) | (-2.70) | (0.48) | (0.72) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IND & YEAR | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 4753 | 2919 | 3358 | 3089 | 4753 | 2919 | 3358 | 3089 |
| Adj_R2 | 0.143 | 0.128 | 0.159 | 0.122 | 0.267 | 0.236 | 0.257 | 0.257 |
Note: ***p < 0.01, **p < 0.05, *p < 0.1. Figures in parentheses are robust standard errors. All U-shaped and inverted U-shaped curves passed the U test. To limit the length of the table, Controls represents all control variables.