(1)

(2)

(3)

(4)

(5)

Variable

EPI

EPI

In_gapp

Int_gapp

Inpat_gaut

EPI

0.003***

0.002***

0.001***

(3.66)

(3.51)

(5.78)

Low_car*time

7.485***

3.458*

0.458***

0.350***

0.006**

(4.11)

(1.82)

(7.82)

(5.64)

(0.10)

Age

0.077**

0.002***

0.001***

(2.57)

(3.12)

(3.53)

cfo

−0.055

−0.002**

−0.002**

(−0.98)

(−2.56)

(−2.53)

Lev

−11.760*

−0.247*

−0.094

(−1.77)

(−1.86)

(−1.16)

btm

−0.000

0.000

0.000

(−1.00)

(1.56)

(1.47)

Size

2.809**

0.087

0.066**

(2.34)

(0.91)

(2.29)

Constant

9.888***

−52.812**

0.692***

−1.252

−1.139*

(13.99)

(−2.02)

(28.99)

(−0.60)

(−1.81)

Company

control

control

control

control

control

Year

control

control

control

control

control