25%

25%~50%

50%~75%

>75%

FT

−0.1148^***

−0.0471^**

−0.1187^***

−0.1446^***

(−4.16)

(−2.09)

(−6.11)

(−6.43)

_cons

2.6557^***

2.6330^***

2.7383^***

2.7007^***

(22.68)

(29.04)

(38.04)

(32.83)

Control

YES

YES

YES

YES

Industry

YES

YES

YES

YES

Year

YES

YES

YES

YES

N

5375

5723

5857

5145

Adjusted R²

0.4033

0.3723

0.4070

0.3910