VARIABLES

(1)

ECS

(2)

ECS

(3)

ECS

(4)

ECS

(5)

ECS

CFIN

0.243^***

0.242^***

0.242^***

0.234^***

0.184^***

IS

(6.56)

(6.29)

−0.005

(6.44)

−0.005

(6.98)

−0.027

(6.53)

−0.061^**

(−0.21)

(−0.23)

(−1.01)

(−2.19)

EP

0.000

0.000

−0.000

(0.05)

(0.17)

(−0.15)

ER

1.138^***

0.975^***

(4.19)

(3.71)

U

−0.317^***

(−7.02)

Constant

0.005

0.008

0.007

0.015

0.263^***

(0.41)

(0.33)

(0.25)

(0.45)

(4.57)

Observations

300

300

300

300

300