Table 8 Regression results for gradually increasing control variables.

L.QID

0.808***

0.722***

0.768***

0.868***

0.812***

0.803***

0.800***

0.717***

0.851***

0.850***

0.850***

0.832***

0.857***

0.859***

0.849***

0.831***

(20.45)

(14.03)

(16.29)

(7.26)

(8.91)

(8.74)

(8.84)

(6.34)

(13.09)

(12.82)

(12.82)

(14.15)

(15.73)

(16.09)

(15.42)

(16.01)

CR

0.124***

0.178***

0.138***

0.257***

0.176***

0.180***

0.193***

0.160***

0.108***

0.113***

0.114***

0.105***

0.083**

0.078**

0.091***

0.092***

(5.04)

(4.48)

(4.11)

(3.65)

(2.99)

(3.06)

(3.12)

(2.67)

(3.10)

(3.09)

(3.10)

(2.94)

(2.50)

(2.48)

(2.68)

(2.85)

IS

−0.005

0.021

0.016

0.006

0.018

−0.038

−0.048

−0.048

0.089***

−0.002

−0.000

0.042**

(−0.66)

(0.93)

(0.33)

(0.57)

(0.76)

(−1.14)

(−0.80)

(−0.80)

(3.80)

(−0.08)

(−0.00)

(2.55)

SC

1.154

−1.020

6.043

−1.299

0.899

2.778

0.517

1.300

(0.60)

(−0.08)

(0.60)

(−0.16)

(0.25)

(0.64)

(0.28)

(0.78)

GI

−0.181

−0.048

0.197

−0.062**

(−0.84)

(−0.35)

(0.87)

(−2.00)

constant

0.074***

0.089***

0.072***

0.135*

0.040

0.035

−0.008

0.125

0.061***

0.070***

0.067**

−0.018

0.075***

0.076***

0.072***

0.066***

(6.06)

(6.91)

(3.37)

(1.90)

(1.42)

(1.19)

(−0.10)

(1.24)

(2.96)

(2.76)

(2.33)

(−0.38)

(4.26)

(3.90)

(3.29)

(3.25)

Sargan

0.096

0.173

0.111

0.997

0.081

0.061

0.093

0.043

0.042

0.066

0.054

0.005

0.150

0.130

0.062

0.248

AR2

0.069

0.088

0.080

0.353

0.514

0.526

0.437

0.235

0.164

0.153

0.152

0.009

0.243

0.246

0.209

0.239

N

225

225

225

225

45

45

45

45

54

54

54

54

126

126

126

126