(1)

GI2

pre_4

0.4759

(1.2833)

pre_3

0.5332

(1.6178)

pre_2

−0.0534

(−0.1637)

current

−0.0448

(−0.1204)

post_1

−0.5522

(−1.4697)

post_2

−1.2828***

(−2.9502)

post_3

−1.3691***

(−2.6163)

post_4

−2.9186***

(−4.8076)

_cons

−0.3628

(−1.1524)

N

31181

r2_a

0.1103

Year

YES

Industry

YES