VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

opr

L.opr

L2.opr

L3.opr

L4.opr

L5.opr

RD

−0.007^***

−0.004^***

−0.003^***

0.001^**

0.003^***

0.004^***

(−3.80)

(−4.13)

(−2.87)

(2.48)

(4.86)

(5.76)

size

0.064^***

0.057^***

0.066^***

0.042^***

0.038^***

0.034^***

(5.36)

(11.94)

(14.03)

(13.52)

(11.83)

(9.83)

lev

−0.643^***

−0.461^***

−0.507^***

−0.298^***

−0.266^***

−0.251^***

(−6.26)

(−19.07)

(−21.62)

(−19.48)

(−16.83)

(−15.18)

grow

0.013

−0.002

0.000

−0.001

−0.015^***

−0.003

(1.38)

(−0.45)

(0.14)

(−0.59)

(−7.94)

(−1.64)

nature

0.018^**

−0.007

−0.019^*

−0.039^***

−0.044^***

−0.041^***

(2.16)

(−0.69)

(−1.87)

(−5.83)

(−6.29)

(−5.50)

in_dire

−0.106

−0.117^*

−0.081

−0.083^*

−0.048

−0.021

(−1.63)

(−1.65)

(−1.16)

(−1.83)

(−1.01)

(−0.42)

shrcr

0.002^***

0.002^***

0.002^***

0.001^***

0.001^***

0.001^***

(7.16)

(7.83)

(7.10)

(6.96)

(5.59)

(4.44)

Constant

−1.134^***

−1.076^***

−1.249^***

−0.758^***

−0.697^***

−0.605^***

(−4.68)

(−10.09)

(−11.95)

(−11.04)

(−9.72)

(−7.96)

Observations

3,685

3,350

3,015

2,680

2,345

2,010

r2_a

0.207

0.132

0.169

0.174

0.179

0.155

F

14.65

73.71

88.64

81.84

73.92

53.52