(1)

(2)

(3)

SA

Credit

SA

FT

−0.1131^***

−0.0031^**

−0.1103^***

(−7.03)

(−2.01)

(−6.89)

Credit

0.9365^***

(11.49)

_cons

2.6922^***

−0.0410^***

2.7306^***

(41.89)

(−5.83)

(42.64)

Control

YES

YES

YES

Industry

YES

YES

YES

Year

YES

YES

YES

N

22,100

22,100

22,100

Adjusted R²

0.3862

0.1745

0.3974