(4)

(5)

(6)

(7)

VARIABLES

DS2

DS2

DS2

DS2

Confu_150

−0.004^***

−0.012^***

(−3.48)

(−8.30)

Kim

−0.809^***

−1.592^***

(−9.89)

(−19.40)

Confu_150*Kim

0.081^***

(9.90)

Confu_250

−0.003^***

−0.012^***

(−4.69)

(−14.80)

Confu_250*Kim

0.094^***

(19.41)

Independent

−0.098

−0.096

−0.101

−0.099

(−0.94)

(−0.93)

(−0.98)

(−0.98)

FIR

−0.001^***

−0.001^***

−0.001^***

−0.001^***

(−2.84)

(−2.73)

(−2.83)

(−2.74)

LEV

0.080^**

0.087^***

0.082^**

0.100^***

(2.47)

(2.70)

(2.51)

(3.12)

Growth

0.000

0.000

0.000

0.000

(0.37)

(0.37)

(0.38)

(0.41)

Fage

0.001

0.001

0.001

0.001

(0.82)

(0.73)

(0.86)

(0.84)

Bsize

−0.052

−0.053

−0.051

−0.059^*

(−1.53)

(−1.56)

(−1.49)

(−1.76)

Size

−0.081^***

−0.080^***

−0.081^***

−0.074^***

(−13.53)

(−13.37)

(−13.41)

(−12.47)

Capital

−0.000^*

−0.000^*

−0.000^**

−0.000^*

(−1.96)

(−1.91)

(−1.98)

(−1.77)

Constant

0.981^***

1.054^***

0.988^***

1.114^***

(7.60)

(8.19)

(7.67)

(8.81)

Observations

9314

9314

9314

9314

Number of code

2471

2471

2471

2471

Industry FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES