(1)

(2)

first

second

变量

STRADER

LNFEE

STRADER_lag1

0.110^***

(8.01)

STRADER

4.259^***

(1.295)

Controls

Yes

Yes

Constant

0.007

6.034^***

(1.41)

(0.085)

Industry fixed effect

Yes

Yes

Year fixed effect

Yes

Yes

Observations

16068

16,068

R-squared

0.056

0.625