Table 4 Regression results with explanatory variables lagged by one period.
| Â | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
LAI |  | −0.099* | −0.096* | −0.013 | −0.013 |
| Â | Â | [0.078] | [0.079] | [0.686] | [0.678] |
LAI × LHHI |  |  | −0.799** |  | −0.367** |
| Â | Â | Â | [0.018] | Â | [0.044] |
LAI × LSOE |  |  |  | −0.511*** | −0.499*** |
| Â | Â | Â | Â | [0.005] | [0.005] |
LHHI | 0.004 | 0.111 | 0.099 | 0.184 | 0.177 |
| Â | [0.992] | [0.803] | [0.811] | [0.684] | [0.684] |
LSOE | 0.100 | 0.103 | 0.112 | 0.161 | 0.164 |
| Â | [0.363] | [0.346] | [0.311] | [0.317] | [0.305] |
Intercept | −7.598** | −7.969** | −8.018** | −7.983** | −8.005** |
| Â | [0.025] | [0.019] | [0.018] | [0.019] | [0.019] |
Control variables | control | control | control | control | control |
Industry | control | control | control | control | control |
Year | control | control | control | control | control |
R2 | 0.1280 | 0.1284 | 0.1285 | 0.1302 | 0.1303 |
F | 32.402 | 19.947 | 17.912 | 21.064 | 24.826 |
N | 13,552 | 13,552 | 13,552 | 13,552 | 13,552 |