| (1) FSa | (2) FSb | (3) FSc | (4) FSd |
---|---|---|---|---|
EPL for TE | −0.012 | −0.020 | −0.012 | −0.012 |
(0.002)*** | (0.003)*** | (0.002)*** | (0.002)*** | |
EPL for PE | 0.032 | Â | 0.015 | 0.017 |
(0.004)*** | Â | (0.003)*** | (0.003)*** | |
EPL*FJR | −0.343 |  |  |  |
(0.087)*** | Â | Â | Â | |
EPL*PE |  | −0.005 |  |  |
 | (0.006) |  |  | |
EPL*PE*FJR |  | −0.416 |  |  |
 | (0.080)*** |  |  | |
EPL*BI1 | Â | Â | 0.005 | Â |
 |  | (0.002)* |  | |
EPL*BI2 | Â | Â | Â | 0.001 |
 |  |  | (0.001) | |
TUD | −0.001 | −0.001 | −0.001 | −0.001 |
(0.000)** | (0.000)*** | (0.001)** | (0.000)** | |
Trend | 0.051 | 0.133 | 0.051 | 0.051 |
(0.068) | (0.068)* | (0.068) | (0.068) | |
Sector dummies | YES | YES | YES | YES |
Country dummies | YES | YES | YES | YES |
Year dummies | YES | YES | YES | YES |
Observations | 1820 | 1820 | 1820 | 1820 |
R-squared | 0.8537 | 0.8564 | 0.8530 | 0.8521 |