| (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 |