Table 5 Mechanism test results (1) (2)... | Emerald Publishing

Table 5

Mechanism test results

	(1)	(2)	(3)	(4)
$\ln d d r$	0.0812***
$\ln d d r$	(0.0084)
$\ln d s r$		0.1192***
$\ln d s r$		(0.0150)
$\ln d i r$			0.0708***
$\ln d i r$			(0.0066)
$\ln i n d i r$				−0.6882***
$\ln i n d i r$				(0.0113)
$\ln o T L P$	0.2921***	0.2962***	0.3248***	0.2928***
$\ln o T L P$	(0.0280)	(0.0283)	(0.0275)	(0.0233)
Constant	1.0270***	1.0088***	0.9251***	0.8393***
Constant	(0.1097)	(0.1114)	(0.1079)	(0.0917)
Individual FE	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes
N	25,098	25,098	24,953	25,098
$R^{2}$	0.8025	0.8025	0.8044	0.8710

	(1)	(2)	(3)	(4)
$\ln d d r$	0.0812***
$\ln d d r$	(0.0084)
$\ln d s r$		0.1192***
$\ln d s r$		(0.0150)
$\ln d i r$			0.0708***
$\ln d i r$			(0.0066)
$\ln i n d i r$				−0.6882***
$\ln i n d i r$				(0.0113)
$\ln o T L P$	0.2921***	0.2962***	0.3248***	0.2928***
$\ln o T L P$	(0.0280)	(0.0283)	(0.0275)	(0.0233)
Constant	1.0270***	1.0088***	0.9251***	0.8393***
Constant	(0.1097)	(0.1114)	(0.1079)	(0.0917)
Individual FE	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes
N	25,098	25,098	24,953	25,098
$R^{2}$	0.8025	0.8025	0.8044	0.8710

Source(s): Authors’ work