| (1) POLS | (2) FD | (3) FE | (4) IV-FD | (5) IV-FEb |
---|---|---|---|---|---|
EPL | 0.004 | 0.005 | 0.005 | 0.010 | 0.011 |
(0.001)*** | (0.002)* | (0.002)** | (0.005)** | (0.003)*** | |
EPL*FJR | −0.048 | −0.077 | −0.076 | −0.122 | −0.138 |
(0.026)* | (0.053) | (0.040)* | (0.062)** | (0.044)*** | |
TE | −0.100 | −0.124 | −0.081 | −0.260 | −0.263 |
(0.007)*** | (0.018)*** | (0.009)*** | (0.093)*** | (0.070)*** | |
TUD | −0.001 | −0.002 | −0.002 | −0.003 | −0.001 |
(0.000)*** | (0.001)** | (0.002) | (0.001)** | (0.000)** | |
Trend | 0.024 | Â | 0.354 | Â | 0.032 |
(0.002)*** | Â | (0.012)*** | Â | (0.027) | |
Constant | 4.554 | 0.028 | Â | 0.030 | Â |
(0.008)*** | (0.004)*** | Â | (0.007)*** | Â | |
Sector dummies | NO | NO | YES | NO | YES |
Country dummies | NO | NO | YES | NO | YES |
Year dummies | NO | YES | YES | YES | YES |
Endogeneity Testa | Â | Â | Â | p-val=0.127 | p-val=0.004 |
Observations | 1820 | 1690 | 1820 | 1690 | 1820 |
R-squared | 0.3079 | 0.1157 | 0.9993 | 0.1231 | 0.9991 |