Control for firm fixed effects
| Variables | (1) | (2) |
|---|---|---|
| LAF | LAF | |
| LNPEN | 0.002*** (2.974) | |
| LNNUM | 0.028*** (3.841) | |
| Intercept | 13.094*** (96.234) | 13.096*** (96.542) |
| Control variables | Yes | Yes |
| Year and firm FE | Yes | Yes |
| N | 10,114 | 10,114 |
| Adjusted R2 | 0.956 | 0.956 |
| Variables | (1) | (2) |
|---|---|---|
| 0.002 | ||
| 0.028 | ||
| Intercept | 13.094 | 13.096 |
| Control variables | Yes | Yes |
| Year and firm | Yes | Yes |
| 10,114 | 10,114 | |
| Adjusted | 0.956 | 0.956 |
*, ** and *** indicate significance (two-tailed) at 0.10, 0.05 and 0.01 levels, respectively. Standard errors are robust to heteroscedasticity and clustered by firm. The control variables used in Columns 1–2 are obtained from Model 1
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