(1)

(2)

(3)

SA

Credit

SA

FT

−0.1196^***

0.0355^*

−0.1186^***

(−6.18)

(1.64)

(−6.14)

Credit

−0.0287^**

(−2.35)

_cons

2.6259^***

0.4800^***

2.6397^***

(32.96)

(5.30)

(32.61)

Control

YES

YES

YES

Industry

YES

YES

YES

Year

YES

YES

YES

N

12,942

12,942

12,942

Adjusted R²

0.4071

0.0284

0.4081