|
| (1) | (2) | (3) |
| 变量 | LNFEE | LNFEE | LNFEE |
| STRADER4 | 0.232*** | 0.316*** | 0.312*** |
|
| (3.55) | (4.88) | (4.82) |
| Controls | Yes | Yes | Yes |
| Constant | 4.926*** | 5.649*** | 5.652*** |
|
| (65.36) | (78.94) | (75.97) |
| Industry fixed effect | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes |
| Observations | 18,535 | 18,535 | 18,535 |
| R-squared | 0.621 | 0.657 | 0.657 |
| r2_a | 0.620 | 0.657 | 0.657 |