(1)

(2)

(3)

(4)

index

0.066^***

(4.69)

Coverage

0.057^***

(4.14)

usage

0.065^***

(5.20)

digiti

0.037^***

(3.22)

roa

0.006^***

0.006^***

0.006^***

0.006^***

(6.45)

(6.46)

(6.44)

(6.50)

lev

0.001^**

0.001^**

0.001^**

0.001^**

(2.01)

(2.02)

(2.06)

(2.05)

mf

0.237^***

0.235^***

0.241^***

0.230^***

(4.63)

(4.58)

(4.72)

(4.49)

ind

0.005^***

0.005^***

0.005^***

0.005^***

(4.87)

(4.89)

(4.91)

(4.85)

pdgp

10.476^**

10.454^**

10.234^**

10.309^**

(2.52)

(2.51)

(2.46)

(2.47)

is

0.428^***

0.419^***

0.406^***

0.358^***

(4.31)

(4.20)

(4.18)

(3.68)

fd

−10.493^**

−10.462^**

−10.267^**

−10.272^**

(−2.52)

(−2.51)

(−2.47)

(−2.46)

Constant

−0.203

−0.256

−0.016

−0.721^***

(−0.85)

(−1.06)

(−0.06)

(−3.49)

Year

YES

YES

YES

YES

Company

YES

YES

YES

YES

R²

0.0642

0.0615

0.0669

0.0577

N

1680

1680

1680

1680