Table 7.
Results of moderation.
| Variable | PEB |
NEB |
||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| FER | −0.133*** | −0.116*** | −0.118*** | 0.033 | 0.028 | 0.029 |
| (-3.52) | (-2.90) | (-3.00) | (0.98) | (0.83) | (0.83) | |
| FER2 | 0.008*** | 0.007*** | 0.007*** | −0.002 | −0.002 | −0.002 |
| (3.86) | (2.90) | (3.04) | (-1.12) | (-0.85) | (-0.87) | |
| IER | 0.023*** | 0.022*** | 0.038*** | −0.040*** | −0.039*** | −0.042*** |
| (3.62) | (3.38) | (3.44) | (-8.21) | (-8.10) | (-5.62) | |
| PP | −0.028*** | −0.022*** | −0.022*** | 0.003 | 0.001 | 0.001 |
| (-3.77) | (-2.84) | (-2.81) | (0.52) | (0.21) | (0.20) | |
| FER × PP | 0.021*** | 0.018** | −0.005 | −0.005 | ||
| (2.95) | (2.55) | (-1.03) | (-0.91) | |||
| IER × PP | −0.028** | 0.005 | ||||
| (-1.98) | (0.47) | |||||
| Cons | −0.533*** | −0.527*** | −0.521*** | −0.218*** | −0.219*** | −0.220*** |
| (-8.38) | (-8.30) | (-8.20) | (-4.93) | (-4.97) | (-4.99) | |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| IND & YEAR | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3358 | 3358 | 3358 | 3358 | 3358 | 3358 |
| Adj_R2 | 0.120 | 0.122 | 0.123 | 0.255 | 0.255 | 0.255 |
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.