VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

opr

L.opr

L2.opr

L3.opr

L4.opr

L5.opr

RD

−0.007***

−0.004***

−0.003***

0.001**

0.003***

0.004***

(−3.80)

(−4.13)

(−2.87)

(2.48)

(4.86)

(5.76)

size

0.064***

0.057***

0.066***

0.042***

0.038***

0.034***

(5.36)

(11.94)

(14.03)

(13.52)

(11.83)

(9.83)

lev

−0.643***

−0.461***

−0.507***

−0.298***

−0.266***

−0.251***

(−6.26)

(−19.07)

(−21.62)

(−19.48)

(−16.83)

(−15.18)

grow

0.013

−0.002

0.000

−0.001

−0.015***

−0.003

(1.38)

(−0.45)

(0.14)

(−0.59)

(−7.94)

(−1.64)

nature

0.018**

−0.007

−0.019*

−0.039***

−0.044***

−0.041***

(2.16)

(−0.69)

(−1.87)

(−5.83)

(−6.29)

(−5.50)

in_dire

−0.106

−0.117*

−0.081

−0.083*

−0.048

−0.021

(−1.63)

(−1.65)

(−1.16)

(−1.83)

(−1.01)

(−0.42)

shrcr

0.002***

0.002***

0.002***

0.001***

0.001***

0.001***

(7.16)

(7.83)

(7.10)

(6.96)

(5.59)

(4.44)

Constant

−1.134***

−1.076***

−1.249***

−0.758***

−0.697***

−0.605***

(−4.68)

(−10.09)

(−11.95)

(−11.04)

(−9.72)

(−7.96)

Observations

3,685

3,350

3,015

2,680

2,345

2,010

r2_a

0.207

0.132

0.169

0.174

0.179

0.155

F

14.65

73.71

88.64

81.84

73.92

53.52