| (1) POLS | (2) FD | (3) FE |
---|---|---|---|
EPL for PE | 0.003 | 0.004 | 0.004 |
(0.002) | (0.005) | (0.003) | |
EPL for PE*FJR | −0.056 | −0.103 | −0.073 |
(0.057) | (0.121) | (0.054) | |
EPL for TE | −0.004 | −0.005 | −0.005 |
(0.002)** | (0.005) | (0.002)** | |
EPL for TE*FJR | 0.042 | 0.076 | 0.033 |
(0.046) | (0.113) | (0.035) | |
TUD | −0.001 | −0.001 | −0.001 |
(0.000)** | (0.000) | (0.001) | |
Trend | 0.025 | Â | 0.026 |
(0.002)*** | Â | (0.004)*** | |
Constant | 4.535 | 0.016 | Â |
(0.006)*** | (0.006)** | Â | |
Sector dummies | NO | NO | YES |
Country dummies | NO | NO | YES |
Year dummies | NO | YES | YES |
Observations | 1820 | 1690 | 1820 |
R-squared | 0.2275 | 0.1289 | 0.9992 |