(1)

(2)

RD

RD

Com

1.117^***

1.114^***

(20.20)

(20.17)

FS1

−0.0265^*

(−1.74)

FS1 × Com

0.0268^*

(1.74)

Size

−0.00253^***

−0.00251^***

(−10.79)

(−10.71)

Fix

0.00970^***

0.00965^***

(8.11)

(8.11)

Grow

−0.00103^***

−0.00104^***

(−6.79)

(−6.83)

Turnover

0.0161^***

0.0161^***

(33.89)

(33.87)

RDP

0.0373^***

0.0373^***

(20.30)

(20.27)

Top1

0.00450^***

0.00450^***

(2.94)

(2.94)

Pattern

0.000498

0.000489

(0.85)

(0.84)

FS2

−0.0310^**

(−2.35)

FS2 × Com

0.0314^**

(2.35)

_Cons

−1.047^***

−1.044^***

(−19.99)

(−19.97)

Year

Yes

Yes

Individual

Yes

Yes

N

12958

12958

F

203.03

203.26

Within-R²

0.2291

0.2293