| (1) | (2) |
变量 | LNFEE_lag1 | LNFEE_lag2 |
STRADER | 0.616*** | 0.498*** |
| (5.08) | (3.88) |
Controls | Yes | Yes |
Constant | 5.846*** | 6.056*** |
| (69.05) | (63.23) |
Industry fixed effect | Yes | Yes |
Year fixed effect | Yes | Yes |
Observations | 16,118 | 13,747 |
R-squared | 0.626 | 0.592 |
r2_a | 0.625 | 0.591 |