(1)

(2)

(3)

(4)

Reg1

Reg2

Reg1

Reg2

DT

0.248***

0.109***

−0.0122**

0.146***

(16.86)

(5.53)

(−2.86)

(7.16)

Sa

−0.360***

(−2.72)

Input

0.282***

(15.86)

_cons

−0.554

−5.377***

4.786***

−4.119***

(−0.74)

(−7.43)

(29.04)

(−5.13)

Controls

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

9146

9146

9146

9146

R-squared

0.54

0.23

0.17

0.18