(1)

(2)

(3)

(4)

RD

RD

RD

RD

Com

1.428^***

2.101^***

2.225^***

2.180^***

(12.84)

(15.65)

(16.25)

(15.94)

Size

−0.00463^***

−0.00461^***

−0.00451^***

(−8.18)

(−7.97)

(−7.75)

Fix

0.0232^***

0.0253^***

0.0247^***

(7.96)

(8.55)

(8.37)

Grow

−0.00179^***

−0.00187^***

−0.00187^***

(−4.79)

(−4.95)

(−4.95)

Turnover

−0.0333^***

−0.0327^***

−0.0328^***

(−28.82)

(−27.78)

(−27.89)

RDP

0.0814^***

0.0793^***

0.0789^***

(18.02)

(17.43)

(17.34)

Top1

0.00168

0.000535

0.000717

(0.45)

(0.14)

(0.19)

Pattern

0.00152

0.00160

0.00164

(1.07)

(1.11)

(1.14)

FS1

−0.170^***

(−4.05)

FS1 × Com

0.172^***

(4.07)

FS2

−0.0979^***

(−2.99)

FS2 × Com

0.0993^***

(3.01)

_Cons

−1.368^***

−1.931^***

−2.055^***

−2.012^***

(−12.38)

(−15.19)

(−15.86)

(−15.55)

Year

Yes

Yes

Yes

Yes

Individual

Yes

Yes

Yes

Yes

N

13081

13081

12958

12958

F

55.11

125.84

112.31

111.33

Within-R²

0.0309

0.1363

0.1412

0.1401