(1)

(2)

(3)

index

0.066^***

0.073^***

0.069^***

(4.69)

(4.42)

(4.10)

roa

0.006^***

0.006^***

0.006^***

(6.45)

(6.15)

(5.89)

lev

0.001^**

0.001^**

0.001^**

(2.01)

(2.00)

(2.14)

mf

0.237^***

0.230^***

0.313^***

(4.63)

(4.50)

(4.26)

ind

0.005^***

0.006^***

0.006^***

(4.87)

(4.88)

(4.51)

pdgp

10.476^**

10.638^***

10.381^**

(2.52)

(2.58)

(2.47)

is

0.428^***

0.407^***

0.426^***

(4.31)

(3.92)

(3.70)

fd

−10.493^**

−10.663^***

−10.399^**

(−2.52)

(−2.59)

(−2.47)

Constant

−0.203

−0.158

−0.228

(−0.85)

(−0.62)

(−0.81)

Year

YES

YES

YES

Company

YES

YES

YES

R²

0.0642

0.0664

0.0666

N

1680

1470

1260