| (1) POLS | (2) FD | (3) FE | (4) IV-FD | (5) IV-FEb |
---|---|---|---|---|---|
EPL*PE | 0.004 | 0.005 | 0.006 | 0.007 | 0.006 |
(0.001)*** | (0.003)* | (0.002)** | (0.003)** | (0.002)*** | |
EPL*FJR*PE | −0.049 | −0.079 | −0.089 | −0.118 | −0.139 |
(0.028)* | (0.058) | (0.046)* | (0.061)** | (0.047)*** | |
TE | −0.096 | −0.120 | −0.077 | −0.214 | −0.192 |
(0.006)*** | (0.017)*** | (0.008)*** | (0.065)*** | (0.041)*** | |
TUD | −0.001 | −0.002 | −0.002 | −0.003 | −0.001 |
(0.000)*** | (0.001)** | (0.002) | (0.003) | (0.000)** | |
Trend | 0.024 | Â | 0.353 | Â | 0.037 |
(0.002)*** | Â | (0.012)*** | Â | (0.026) | |
Constant | 4.554 | 0.028 | Â | 0.033 | Â |
(0.008)*** | (0.004)*** | Â | (0.009)*** | 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=0.124 | p-val=0.003 |
Observations | 1820 | 1690 | 1820 | 1690 | 1820 |
R-squared | 0.3077 | 0.1156 | 0.9993 | 0.1373 | 0.9992 |