替换行业标准

剔除2020年样本观测值

变量

(1)

(2)

(3)

(4)

(5)

(6)

Grenov₁

Grenov₂

Grenov₃

Grenov₁

Grenov₂

Grenov₃

CEPI

0.124^**

(4.951)

0.109^**

(2.213)

0.176^***

(7.135)

0.157^**

(2.467)

0.124^*

(1.225)

0.195^**

(3.148)

Constant

3.281^***

(7.344)

2.071^***

(8.659)

5.804^***

(6.378)

6.352^***

(4.223)

7.901^**

(3.102)

1.981^***

(5.676)

X_it

Yes

Yes

Yes

Yes

Yes

Yes

Company

Yes

Yes

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Yes

Yes

N

9856

9856

9856

9943

9943

9943

R²

0.492

0.474

0.358

0.531

0.479

0.383