*ivregress 2sls no observations in the sample.is some cases

[hussein bataineh]

Hi please im using ivregress 2sls , in my model i controls for Firm fixed effect using i.id and year fixed effect using i,year

this is my model

ivregress 2sls EQUITY FSIZE OP_CF SD_OCF TAX BM LEV MA DPP RPP PSIZE DR Gov_score Sustain_Perf Sust_Commit i.id i.year (CSO = Instrumental) , first robust

The number of observation is first stage and second stage is similar 4188 which is similar for the main base line model , Note mys study is from 2004-2022

Im not sure that i run all steps in right order or there is a problem n my 2SLS estimation because the message ( note: .id identifies no observations in the sample ) make me afriad that i made a mistake????

when I run my the 2 SLS


ivregress 2sls EQUITY FSIZE OP_CF SD_OCF TAX BM LEV MA DPP RPP PSIZE DR Gov_score Sustain_Perf Sust_Commit i.id i.year (CSO = Instrumental) , first robust



it appear for me

note: 4.id identifies no observations in the sample.
note: 5.id identifies no observations in the sample.
note: 9.id identifies no observations in the sample.
note: 11.id identifies no observations in the sample.
note: 23.id identifies no observations in the sample.
note: 25.id identifies no observations in the sample.
note: 27.id identifies no observations in the sample.
note: 31.id identifies no observations in the sample.
note: 33.id identifies no observations in the sample.
note: 36.id identifies no observations in the sample.
note: 37.id identifies no observations in the sample.
note: 38.id identifies no observations in the sample.
note: 39.id identifies no observations in the sample.
note: 46.id identifies no observations in the sample.
note: 48.id identifies no observations in the sample.
note: 49.id identifies no observations in the sample.
note: 59.id identifies no observations in the sample.
note: 60.id identifies no observations in the sample.
note: 65.id identifies no observations in the sample.
note: 67.id identifies no observations in the sample.
note: 68.id identifies no observations in the sample.
note: 69.id identifies no observations in the sample.
note: 71.id identifies no observations in the sample.
note: 73.id identifies no observations in the sample.
note: 74.id identifies no observations in the sample.
note: 75.id identifies no observations in the sample.
note: 77.id identifies no observations in the sample.
note: 83.id identifies no observations in the sample.
note: 84.id identifies no observations in the sample.
note: 86.id identifies no observations in the sample.
note: 87.id identifies no observations in the sample.
note: 89.id identifies no observations in the sample.
note: 90.id identifies no observations in the sample.
note: 92.id identifies no observations in the sample.
note: 96.id identifies no observations in the sample.
note: 103.id identifies no observations in the sample.
note: 105.id identifies no observations in the sample.
note: 108.id identifies no observations in the sample.
note: 112.id identifies no observations in the sample.
note: 113.id identifies no observations in the sample.
note: 115.id identifies no observations in the sample.
note: 116.id identifies no observations in the sample.
note: 118.id identifies no observations in the sample.
note: 119.id identifies no observations in the sample.
note: 120.id identifies no observations in the sample.
note: 125.id identifies no observations in the sample.
note: 129.id identifies no observations in the sample.
note: 135.id identifies no observations in the sample.
note: 136.id identifies no observations in the sample.
note: 137.id identifies no observations in the sample.
note: 140.id identifies no observations in the sample.
note: 141.id identifies no observations in the sample.
note: 142.id identifies no observations in the sample.
note: 145.id identifies no observations in the sample.
note: 149.id identifies no observations in the sample.
note: 152.id identifies no observations in the sample.
note: 153.id identifies no observations in the sample.
note: 154.id identifies no observations in the sample.
note: 163.id identifies no observations in the sample.
note: 164.id identifies no observations in the sample.
note: 165.id identifies no observations in the sample.
note: 166.id identifies no observations in the sample.
note: 167.id identifies no observations in the sample.
note: 170.id identifies no observations in the sample.
note: 173.id identifies no observations in the sample.
note: 177.id identifies no observations in the sample.
note: 178.id identifies no observations in the sample.
note: 179.id identifies no observations in the sample.
note: 181.id identifies no observations in the sample.
note: 182.id identifies no observations in the sample.
note: 184.id identifies no observations in the sample.
note: 187.id identifies no observations in the sample.
note: 188.id identifies no observations in the sample.
note: 191.id identifies no observations in the sample.
note: 194.id identifies no observations in the sample.
note: 196.id identifies no observations in the sample.
note: 197.id identifies no observations in the sample.
note: 198.id identifies no observations in the sample.
note: 202.id identifies no observations in the sample.
note: 203.id identifies no observations in the sample.
note: 204.id identifies no observations in the sample.
note: 210.id identifies no observations in the sample.
note: 213.id identifies no observations in the sample.
note: 215.id identifies no observations in the sample.
note: 219.id identifies no observations in the sample.
note: 220.id identifies no observations in the sample.
note: 225.id identifies no observations in the sample.
note: 230.id identifies no observations in the sample.
note: 231.id identifies no observations in the sample.
note: 233.id identifies no observations in the sample.
note: 237.id identifies no observations in the sample.
note: 240.id identifies no observations in the sample.
note: 241.id identifies no observations in the sample.
note: 243.id identifies no observations in the sample.
note: 244.id identifies no observations in the sample.
note: 249.id identifies no observations in the sample.
note: 250.id identifies no observations in the sample.
note: 251.id identifies no observations in the sample.
note: 255.id identifies no observations in the sample.
note: 257.id identifies no observations in the sample.
note: 259.id identifies no observations in the sample.
note: 266.id identifies no observations in the sample.
note: 275.id identifies no observations in the sample.
note: 284.id identifies no observations in the sample.
note: 285.id identifies no observations in the sample.
note: 287.id identifies no observations in the sample.
note: 288.id identifies no observations in the sample.
note: 291.id identifies no observations in the sample.
note: 293.id identifies no observations in the sample.
note: 294.id identifies no observations in the sample.
note: 296.id identifies no observations in the sample.
note: 297.id identifies no observations in the sample.
note: 303.id identifies no observations in the sample.
note: 304.id identifies no observations in the sample.
note: 307.id identifies no observations in the sample.
note: 311.id identifies no observations in the sample.
note: 313.id identifies no observations in the sample.
note: 316.id identifies no observations in the sample.
note: 319.id identifies no observations in the sample.
note: 322.id identifies no observations in the sample.
note: 323.id identifies no observations in the sample.
note: 326.id identifies no observations in the sample.
note: 328.id identifies no observations in the sample.
note: 330.id identifies no observations in the sample.
note: 331.id identifies no observations in the sample.
note: 335.id identifies no observations in the sample.
note: 337.id identifies no observations in the sample.
note: 339.id identifies no observations in the sample.
note: 342.id identifies no observations in the sample.
note: 344.id identifies no observations in the sample.
note: 345.id identifies no observations in the sample.
note: 346.id identifies no observations in the sample.
note: 351.id identifies no observations in the sample.
note: 352.id identifies no observations in the sample.
note: 357.id identifies no observations in the sample.
note: 358.id identifies no observations in the sample.
note: 362.id identifies no observations in the sample.
note: 363.id identifies no observations in the sample.
note: 366.id identifies no observations in the sample.
note: 372.id identifies no observations in the sample.
note: 374.id identifies no observations in the sample.
note: 377.id identifies no observations in the sample.
note: 382.id identifies no observations in the sample.
note: 386.id identifies no observations in the sample.
note: 389.id identifies no observations in the sample.
note: 390.id identifies no observations in the sample.
note: 391.id identifies no observations in the sample.
note: 392.id identifies no observations in the sample.
note: 393.id identifies no observations in the sample.
note: 394.id identifies no observations in the sample.
note: 396.id identifies no observations in the sample.
note: 397.id identifies no observations in the sample.
note: 399.id identifies no observations in the sample.
note: 400.id identifies no observations in the sample.
note: 401.id identifies no observations in the sample.
note: 402.id identifies no observations in the sample.
note: 405.id identifies no observations in the sample.
note: 406.id identifies no observations in the sample.
note: 410.id identifies no observations in the sample.
note: 411.id identifies no observations in the sample.
note: 412.id identifies no observations in the sample.
note: 414.id identifies no observations in the sample.
note: 421.id identifies no observations in the sample.
note: 423.id identifies no observations in the sample.
note: 427.id identifies no observations in the sample.
note: 429.id identifies no observations in the sample.
note: 432.id identifies no observations in the sample.
note: 433.id identifies no observations in the sample.
note: 440.id identifies no observations in the sample.
note: 448.id identifies no observations in the sample.
note: 450.id identifies no observations in the sample.
note: 451.id identifies no observations in the sample.
note: 452.id identifies no observations in the sample.
note: 454.id identifies no observations in the sample.
note: 455.id identifies no observations in the sample.
note: 458.id identifies no observations in the sample.
note: 461.id identifies no observations in the sample.
note: 463.id identifies no observations in the sample.
note: 465.id identifies no observations in the sample.
note: 466.id identifies no observations in the sample.
note: 469.id identifies no observations in the sample.
note: 473.id identifies no observations in the sample.
note: 477.id identifies no observations in the sample.
note: 478.id identifies no observations in the sample.
note: 479.id identifies no observations in the sample.
note: 487.id identifies no observations in the sample.
note: 489.id identifies no observations in the sample.
note: 492.id identifies no observations in the sample.
note: 494.id identifies no observations in the sample.
note: 495.id identifies no observations in the sample.
note: 497.id identifies no observations in the sample.
note: 500.id identifies no observations in the sample.
note: 507.id identifies no observations in the sample.
note: 1998.year identifies no observations in the sample.
note: 1999.year identifies no observations in the sample.
note: 2000.year identifies no observations in the sample.
note: 2001.year identifies no observations in the sample.
note: 2002.year identifies no observations in the sample.
note: 2003.year identifies no observations in the sample.
note: 2022.year omitted because of collinearity.
note: 2023.year identifies no observations in the sample.

[hussein bataineh]

First-stage regressions


Number of obs = 4,188
F(327, 3854) = 15474.54
Prob > F = 0.0000
R-squared = 0.6200
Adj R-squared = 0.5871
Root MSE = 0.2920


Robust
CSO Coefficient std. err. t P>t [95% conf. interval]

FSIZE .0041045 .0199167 0.21 0.837 -.0349437 .0431527
OP_CF -.2265312 .1611814 -1.41 0.160 -.5425402 .0894778
SD_OCF 1.565262 .312195 5.01 0.000 .9531791 2.177345
TAX .0268228 .0206038 1.30 0.193 -.0135726 .0672181
BM -.0311888 .0326045 -0.96 0.339 -.0951126 .032735
LEV .0703095 .0774254 0.91 0.364 -.0814892 .2221082
MA -.0213186 .0388572 -0.55 0.583 -.0975012 .054864
DPP -.083935 .0579755 -1.45 0.148 -.1976005 .0297305
RPP -.1040428 .0824533 -1.26 0.207 -.2656991 .0576135
PSIZE .0529252 .0181615 2.91 0.004 .0173181 .0885323
DR -.010796 .0167284 -0.65 0.519 -.0435932 .0220013
Gov_score .000301 .0003406 0.88 0.377 -.0003668 .0009689
Sustain_Perf .001317 .0005197 2.53 0.011 .0002981 .0023359
Sust_Commit .0000153 .0164467 0.00 0.999 -.0322296 .0322603

id
AAL .0654834 .0926337 0.71 0.480 -.1161323 .2470992
AAP 0 (empty)
AAPL 0 (empty)
ABBV .3176234 .2222514 1.43 0.153 -.1181181 .753365
ABT .2337367 .0930184 2.51 0.012 .0513666 .4161068
ACGL 0 (empty)
ACN .2940293 .0491839 5.98 0.000 .1976004 .3904581
ADBE 0 (empty)
ADI .1229736 .0697336 1.76 0.078 -.0137448 .259692
ADM .4022282 .0969997 4.15 0.000 .2120526 .5924038
ADP .4605409 .112136 4.11 0.000 .2406894 .6803924
ADSK .8516169 .0856297 9.95 0.000 .6837331 1.019501
AEE .2292042 .0906531 2.53 0.011 .0514716 .4069368
AEP .8732667 .0779127 11.21 0.000 .7205126 1.026021
AES -.0486566 .0705433 -0.69 0.490 -.1869622 .0896491
AFL .2815268 .1026905 2.74 0.006 .080194 .4828596
AIG .5144881 .1334622 3.85 0.000 .2528249 .7761513
AIZ .4933014 .1016445 4.85 0.000 .2940192 .6925836
AJG 1.155552 .0710453 16.27 0.000 1.016262 1.294842
AKAM 0 (empty)
ALB .4222165 .141456 2.98 0.003 .1448807 .6995524
ALGN 0 (empty)
ALK -.0942992 .069107 -1.36 0.172 -.2297889 .0411905
ALL 0 (empty)
ALLE .0812533 .0665769 1.22 0.222 -.0492761 .2117826
AMAT .1825316 .0931766 1.96 0.050 -.0001486 .3652117
AMCR .3337613 .0983739 3.39 0.001 .1408914 .5266311
AMD 0 (empty)
AME .1005163 .067455 1.49 0.136 -.0317345 .2327672
AMGN 0 (empty)
AMP .1548092 .088191 1.76 0.079 -.0180963 .3277146
AMT 0 (empty)
AMZN 0 (empty)
ANET 0 (empty)
ANSS 0 (empty)
AON .2716616 .1033349 2.63 0.009 .0690652 .474258
AOS .3532832 .176413 2.00 0.045 .0074116 .6991549
APA .1921782 .1012984 1.90 0.058 -.0064253 .3907817
APD -.0084542 .07787 -0.11 0.914 -.1611245 .1442162
APH .5860916 .0968511 6.05 0.000 .3962072 .7759759
APTV .4304092 .1497693 2.87 0.004 .1367747 .7240438
ARE 0 (empty)
ATO .0845688 .0740796 1.14 0.254 -.0606702 .2298077
ATVI 0 (empty)
AVB 0 (empty)
AVGO -.0633385 .0939566 -0.67 0.500 -.2475479 .1208709
AVY .1994934 .0531099 3.76 0.000 .0953672 .3036196
AWK -.0439193 .0678829 -0.65 0.518 -.1770092 .0891706
AXP .9112993 .1469928 6.20 0.000 .6231081 1.199491
AZO .2785343 .0770613 3.61 0.000 .1274494 .4296191
BA -.0379425 .0922055 -0.41 0.681 -.2187187 .1428337
BAC .0268501 .0933229 0.29 0.774 -.1561169 .209817
BALL .2430002 .081665 2.98 0.003 .0828894 .4031109
BAX -.1264277 .0702907 -1.80 0.072 -.2642383 .0113829
BBWI 0 (empty)
BBY 0 (empty)
BDX .6968625 .0957214 7.28 0.000 .5091932 .8845319
BEN .2843916 .0878802 3.24 0.001 .1120954 .4566878
BF.B .5271139 .0947133 5.57 0.000 .3414209 .7128068
BIIB .5023557 .1212476 4.14 0.000 .26464 .7400713
BIO 0 (empty)
BK -.0495885 .0866518 -0.57 0.567 -.2194763 .1202992
BKNG 0 (empty)
BKR 0 (empty)
BLK 0 (empty)
BMY -.1811354 .0736762 -2.46 0.014 -.3255834 -.0366873
BR 0 (empty)
BRK.B 0 (empty)
BRO 0 (empty)
BSX 0 (empty)
BWA .0836854 .0616714 1.36 0.175 -.0372262 .2045971
BXP 0 (empty)
C -.0865371 .0917299 -0.94 0.346 -.266381 .0933067
CAG .7345777 .0842226 8.72 0.000 .5694526 .8997027
CAH .3844809 .0751045 5.12 0.000 .2372326 .5317291
CARR .2458109 .4020214 0.61 0.541 -.5423841 1.034006
CAT -.0496712 .0870059 -0.57 0.568 -.2202533 .1209109
CB 0 (empty)
CBOE 0 (empty)
CBRE .3920917 .1190291 3.29 0.001 .1587257 .6254578
CCI 0 (empty)
CCL 0 (empty)
CDAY -.2563289 .0927718 -2.76 0.006 -.4382154 -.0744424
CDNS 0 (empty)
CDW 0 (empty)
CE -.1126071 .0733669 -1.53 0.125 -.2564488 .0312347
CEG 0 (empty)
CF -.1334042 .0813175 -1.64 0.101 -.2928336 .0260253
CFG .0028073 .0898997 0.03 0.975 -.1734482 .1790628
CHD 1.285854 .0643368 19.99 0.000 1.159716 1.411991
CHRW 0 (empty)
CHTR -.1374793 .0881962 -1.56 0.119 -.3103951 .0354364
CI .2730496 .1014313 2.69 0.007 .0741854 .4719138
CINF .2161014 .0738813 2.92 0.003 .0712512 .3609517
CL .0469666 .0716397 0.66 0.512 -.0934888 .187422
CLX .1047742 .0844547 1.24 0.215 -.060806 .2703544
CMA .5248782 .1072901 4.89 0.000 .3145273 .735229
CMCSA 0 (empty)
CME .2355046 .0823298 2.86 0.004 .0740906 .3969187
CMG 0 (empty)
CMI .7721929 .0948271 8.14 0.000 .5862767 .958109
CMS .1629033 .0558815 2.92 0.004 .0533431 .2724634
CNC 0 (empty)
CNP .1966959 .0872745 2.25 0.024 .0255874 .3678044
COF .2268395 .10005 2.27 0.023 .0306835 .4229955
COO .2941166 .0924654 3.18 0.001 .1128307 .4754025
COP 0 (empty)
COST 0 (empty)
CPB .7048764 .0831178 8.48 0.000 .5419173 .8678355
CPRT 0 (empty)
CPT 0 (empty)
CRL .3783555 .0877718 4.31 0.000 .206272 .5504391
CRM 0 (empty)
CSCO 0 (empty)
CSGP 0 (empty)
CSX .0815745 .0561705 1.45 0.147 -.0285522 .1917013
CTAS .314345 .1962731 1.60 0.109 -.0704641 .6991542
CTLT .7829155 .0844457 9.27 0.000 .6173529 .9484781
CTRA .3753815 .0775482 4.84 0.000 .223342 .5274209
CTSH 0 (empty)
CTVA .3195713 .2697386 1.18 0.236 -.2092727 .8484152
CVS .7788374 .0813366 9.58 0.000 .6193704 .9383043
CVX .1640229 .111256 1.47 0.140 -.0541034 .3821491
CZR 0 (empty)
D -.005165 .0700535 -0.07 0.941 -.1425105 .1321805
DAL .0368176 .0662567 0.56 0.578 -.093084 .1667192
DD .6975971 .0577267 12.08 0.000 .5844193 .810775
DE -.106557 .0643951 -1.65 0.098 -.2328086 .0196947
DFS .1522804 .0858948 1.77 0.076 -.0161232 .320684
DG 0 (empty)
DGX 0 (empty)
DHI 0 (empty)
DHR .033717 .0705708 0.48 0.633 -.1046427 .1720767
DIS .0882741 .0973108 0.91 0.364 -.1025115 .2790598
DISH 0 (empty)
DLR 0 (empty)
DLTR 0 (empty)
DOV .1197208 .0618425 1.94 0.053 -.0015263 .240968
DOW -.580267 .077524 -7.48 0.000 -.732259 -.4282749
DPZ 0 (empty)
DRI .2075133 .0669582 3.10 0.002 .0762364 .3387902
DTE -.0381678 .0661969 -0.58 0.564 -.1679522 .0916165
DUK .8320068 .0785691 10.59 0.000 .6779659 .9860477
DVA 0 (empty)
DVN .0194467 .0868629 0.22 0.823 -.1508549 .1897483
DXC .2068893 .1517881 1.36 0.173 -.0907034 .5044821
DXCM 0 (empty)
EA 0 (empty)
EBAY 0 (empty)
ECL .4939503 .0870333 5.68 0.000 .3233145 .6645861
ED -.1026215 .0662388 -1.55 0.121 -.2324879 .0272449
EFX .0227743 .0824434 0.28 0.782 -.1388627 .1844112
EIX .1678698 .0539538 3.11 0.002 .0620891 .2736505
EL .287785 .0624975 4.60 0.000 .1652537 .4103163
ELV .266469 .1465714 1.82 0.069 -.0208959 .5538338
EMN .5427719 .0859131 6.32 0.000 .3743325 .7112113
EMR .339229 .0936781 3.62 0.000 .1555657 .5228923
ENPH 0 (empty)
EOG 0 (empty)
EPAM 0 (empty)
EQIX 0 (empty)
EQR 0 (empty)
EQT .3138322 .083056 3.78 0.000 .1509943 .4766701
ES .1145475 .0922261 1.24 0.214 -.0662691 .295364
ESS 0 (empty)
ETN .1955452 .0845374 2.31 0.021 .0298029 .3612875
ETR .2054543 .0514297 3.99 0.000 .1046223 .3062864
ETSY 0 (empty)
EVRG .0334318 .0752616 0.44 0.657 -.1141245 .180988
EW .4356631 .1167169 3.73 0.000 .2068303 .6644959
EXC .5766599 .1092352 5.28 0.000 .3624955 .7908242
EXPD 0 (empty)
EXPE 0 (empty)
EXR 0 (empty)
F .3742432 .1214998 3.08 0.002 .1360332 .6124533
FANG 0 (empty)
FAST 0 (empty)
FCX .6208391 .1299505 4.78 0.000 .3660608 .8756174
FDS 0 (empty)
FDX .6393457 .1041988 6.14 0.000 .4350556 .8436358
FE -.0399369 .0853289 -0.47 0.640 -.2072311 .1273573
FFIV 0 (empty)
FIS 0 (empty)
FITB .1148345 .1013731 1.13 0.257 -.0839155 .3135844
FLT 0 (empty)
FMC .5734579 .0906126 6.33 0.000 .3958047 .7511111
FOXA 0 (empty)
FRT 0 (empty)
FSLR 0 (empty)
FTNT 0 (empty)
FTV .0258894 .0747816 0.35 0.729 -.1207259 .1725047
GD -.00967 .0667003 -0.14 0.885 -.1404413 .1211013
GE -.0952192 .1058418 -0.90 0.368 -.3027306 .1122921
GEHC 0 (empty)
GEN 0 (empty)
GILD 0 (empty)
GIS .5689966 .0927461 6.13 0.000 .3871606 .7508327
GL .2156249 .0743093 2.90 0.004 .0699355 .3613142
GLW -.006935 .0534826 -0.13 0.897 -.1117919 .0979219
GM .5898376 .0738162 7.99 0.000 .4451151 .7345602
GNRC .1228297 .0870853 1.41 0.158 -.047908 .2935674
GOOGL 0 (empty)
GPC .3401698 .0867821 3.92 0.000 .1700266 .510313
GPN .4120761 .1108111 3.72 0.000 .194822 .6293302
GRMN 0 (empty)
GS .2086896 .1011643 2.06 0.039 .0103488 .4070303
GWW 0 (empty)
HAL .0964961 .0525192 1.84 0.066 -.0064719 .1994642
HAS .2216069 .0603677 3.67 0.000 .1032511 .3399627
HBAN .0507137 .0854492 0.59 0.553 -.1168164 .2182437
HCA 0 (empty)
HD 0 (empty)
HES .9906973 .0702614 14.10 0.000 .8529442 1.12845
HIG .1248715 .1080154 1.16 0.248 -.0869014 .3366444
HII .0042984 .0884007 0.05 0.961 -.1690181 .177615
HLT .0730921 .055047 1.33 0.184 -.0348319 .181016
HOLX 0 (empty)
HON .2363212 .1370502 1.72 0.085 -.0323765 .505019
HPE .59407 .2005005 2.96 0.003 .2009728 .9871673
HPQ .7322396 .0931023 7.86 0.000 .549705 .9147741
HRL -.0245 .0688291 -0.36 0.722 -.159445 .1104451
HSIC 0 (empty)
HST 0 (empty)
HSY .8486517 .0848829 10.00 0.000 .682232 1.015071
HUM 0 (empty)
HWM .220666 .2136904 1.03 0.302 -.1982911 .639623
IBM .5394378 .1078084 5.00 0.000 .3280709 .7508047
ICE .4166688 .1627915 2.56 0.011 .0975032 .7358345
IDXX 0 (empty)
IEX .1714682 .0756384 2.27 0.023 .023173 .3197634
IFF .2938942 .0846916 3.47 0.001 .1278496 .4599388
ILMN 0 (empty)
INCY 0 (empty)
INTC 1.15147 .0739216 15.58 0.000 1.006541 1.2964
INTU 0 (empty)
INVH 0 (empty)
IP .6533186 .0973689 6.71 0.000 .4624192 .8442181
IPG .3791694 .0933138 4.06 0.000 .1962202 .5621186
IQV .0407473 .0754483 0.54 0.589 -.1071752 .1886698
IR .3310131 .1992199 1.66 0.097 -.0595735 .7215996
IRM 0 (empty)
ISRG 0 (empty)
IT 0 (empty)
ITW .0334407 .0644209 0.52 0.604 -.0928616 .1597429
IVZ .3090563 .0950782 3.25 0.001 .1226479 .4954647
J .2259651 .0765399 2.95 0.003 .0759026 .3760277
JBHT 0 (empty)
JCI .302913 .0922413 3.28 0.001 .1220666 .4837594
JKHY 0 (empty)
JNJ .8072542 .0877396 9.20 0.000 .6352337 .9792746
JNPR 0 (empty)
JPM .6616271 .1173571 5.64 0.000 .4315393 .891715
K .6784594 .0832209 8.15 0.000 .5152981 .8416206
KDP .7514201 .0826062 9.10 0.000 .5894641 .913376
KEY .1715782 .1005728 1.71 0.088 -.0256028 .3687592
KEYS .1651698 .1622189 1.02 0.309 -.1528733 .4832128
KHC .2602728 .1841007 1.41 0.158 -.1006713 .621217
KIM 0 (empty)
KLAC .2840617 .0960703 2.96 0.003 .0957081 .4724152
KMB .607684 .1057521 5.75 0.000 .4003485 .8150194
KMI -.101306 .0806446 -1.26 0.209 -.2594162 .0568041
KMX .327892 .0857754 3.82 0.000 .1597225 .4960615
KO .4992391 .0977808 5.11 0.000 .3075321 .6909461
KR .6228242 .1067809 5.83 0.000 .4134718 .8321766
L .0220754 .0755788 0.29 0.770 -.1261028 .1702536
LDOS .3418194 .1472614 2.32 0.020 .0531017 .630537
LEN 0 (empty)
LH .1656132 .0698871 2.37 0.018 .0285939 .3026324
LHX .2513368 .1626104 1.55 0.122 -.0674739 .5701476
LIN .1028465 .0739234 1.39 0.164 -.0420862 .2477793
LKQ .1513959 .0824978 1.84 0.067 -.0103477 .3131394
LLY .0117045 .1342697 0.09 0.931 -.2515419 .274951
LMT .4836629 .1070195 4.52 0.000 .2738426 .6934833
LNC .2801045 .0814239 3.44 0.001 .1204664 .4397426
LNT .3427169 .0932602 3.67 0.000 .1598729 .5255609
LOW 0 (empty)
LRCX 0 (empty)
LUMN .1620161 .0889736 1.82 0.069 -.0124238 .3364561
LUV 0 (empty)
LVS 0 (empty)
LW -.0652213 .1152386 -0.57 0.571 -.2911558 .1607131
LYB .7735229 .0789509 9.80 0.000 .6187334 .9283124
LYV 0 (empty)
MA .2724712 .0713226 3.82 0.000 .1326375 .4123049
MAA 0 (empty)
MAR 0 (empty)
MAS .1142209 .0576819 1.98 0.048 .0011309 .2273109
MCD 0 (empty)
MCHP 0 (empty)
MCK .1443692 .0698493 2.07 0.039 .0074242 .2813142
MCO .3031136 .1048198 2.89 0.004 .097606 .5086212
MDLZ .2507318 .1034909 2.42 0.015 .0478297 .4536339
MDT .4214137 .0946661 4.45 0.000 .2358133 .6070142
MET .1585941 .1157533 1.37 0.171 -.0683495 .3855378
META 0 (empty)
MGM 0 (empty)
MHK 1.069799 .1678773 6.37 0.000 .7406622 1.398936
MKC .3818785 .0857314 4.45 0.000 .2137952 .5499618
MKTX 0 (empty)
MLM .2615038 .0757232 3.45 0.001 .1130424 .4099651
MMC .6427108 .1063048 6.05 0.000 .4342917 .8511298
MMM .4169754 .1088772 3.83 0.000 .203513 .6304378
MNST 0 (empty)
MO .2368933 .114449 2.07 0.039 .012507 .4612796
MOH 0 (empty)
MOS -.0452976 .0790334 -0.57 0.567 -.2002488 .1096536
MPC -.0066091 .0600839 -0.11 0.912 -.1244083 .1111901
MPWR 0 (empty)
MRK .5231575 .1558633 3.36 0.001 .2175752 .8287399
MRNA 0 (empty)
MRO .5577034 .1635932 3.41 0.001 .2369658 .878441
MS .2508229 .1254308 2.00 0.046 .0049057 .49674
MSCI 0 (empty)
MSFT 0 (empty)
MSI -.110492 .0587642 -1.88 0.060 -.225704 .00472
MTB .1244992 .08625 1.44 0.149 -.0446008 .2935992
MTCH 0 (empty)
MTD .5048562 .1564971 3.23 0.001 .1980312 .8116811
MU 0 (empty)
NCLH 0 (empty)
NDAQ 0 (empty)
NDSN .063224 .0629108 1.00 0.315 -.0601176 .1865656
NEE -.0622913 .0680899 -0.91 0.360 -.1957871 .0712044
NEM 1.116595 .0667391 16.73 0.000 .9857481 1.247443
NFLX 0 (empty)
NI .8754338 .084673 10.34 0.000 .7094256 1.041442
NKE 0 (empty)
NOC .8446138 .0806998 10.47 0.000 .6863954 1.002832
NOW 0 (empty)
NRG .4265941 .1062734 4.01 0.000 .2182367 .6349515
NSC .8870975 .0952737 9.31 0.000 .7003058 1.073889
NTAP 0 (empty)
NTRS .6246215 .1641312 3.81 0.000 .3028291 .9464139
NUE 0 (empty)
NVDA 0 (empty)
NVR 0 (empty)
NWL .8870409 .0963203 9.21 0.000 .6981973 1.075885
NWSA .0705769 .0692353 1.02 0.308 -.0651645 .2063183
NXPI .0293444 .1075946 0.27 0.785 -.1816034 .2402921
O 0 (empty)
ODFL 0 (empty)
OGN -.3938446 .0959627 -4.10 0.000 -.5819872 -.205702
OKE .1552613 .0892293 1.74 0.082 -.0196799 .3302025
OMC .320402 .0803397 3.99 0.000 .1628896 .4779143
ON .2195785 .1043995 2.10 0.036 .0148949 .4242621
ORCL 0 (empty)
ORLY 0 (empty)
OTIS -.1971423 .0646621 -3.05 0.002 -.3239175 -.0703671
OXY .111004 .090327 1.23 0.219 -.0660893 .2880972
PARA .0107542 .0595383 0.18 0.857 -.1059753 .1274837
PAYC 0 (empty)
PAYX 0 (empty)
PCAR .0601804 .0601851 1.00 0.317 -.0578174 .1781782
PCG .4493444 .1353671 3.32 0.001 .1839464 .7147424
PEAK 0 (empty)
PEG -.0433716 .0615341 -0.70 0.481 -.164014 .0772708
PEP .3572786 .1129609 3.16 0.002 .1358098 .5787473
PFE .5720472 .1027627 5.57 0.000 .3705726 .7735217
PFG .1907438 .0954331 2.00 0.046 .0036397 .3778479
PG .4082502 .1073878 3.80 0.000 .1977079 .6187926
PGR 0 (empty)
PH .08099 .0547279 1.48 0.139 -.0263083 .1882883
PHM 0 (empty)
PKG .1062608 .0717202 1.48 0.139 -.0343523 .246874
PLD 0 (empty)
PM .4018083 .1282952 3.13 0.002 .1502754 .6533413
PNC .0770871 .0934699 0.82 0.410 -.1061682 .2603423
PNR .3992826 .1039663 3.84 0.000 .1954483 .6031169
PNW -.0196831 .0602125 -0.33 0.744 -.1377346 .0983684
POOL 0 (empty)
PPG .0063457 .0625663 0.10 0.919 -.1163205 .1290118
PPL .2007056 .0967331 2.07 0.038 .0110527 .3903585
PRU .6537543 .1500136 4.36 0.000 .3596406 .947868
PSA 0 (empty)
PSX .1013325 .0532647 1.90 0.057 -.0030972 .2057622
PTC .1283474 .0818656 1.57 0.117 -.0321566 .2888515
PWR 0 (empty)
PXD 0 (empty)
PYPL 0 (empty)
QCOM 0 (empty)
QRVO 0 (empty)
RCL 0 (empty)
REG 0 (empty)
REGN 0 (empty)
RF .2966468 .1061871 2.79 0.005 .0884585 .5048352
RHI 0 (empty)
RJF 0 (empty)
RL 0 (empty)
RMD 0 (empty)
ROK .0527438 .0670507 0.79 0.432 -.0787144 .1842019
ROL .0244489 .0977593 0.25 0.803 -.167216 .2161137
ROP 0 (empty)
ROST 0 (empty)
RSG .0239383 .0765542 0.31 0.755 -.1261524 .1740289
RTX .3742422 .1099783 3.40 0.001 .1586211 .5898634
SBAC 0 (empty)
SBNY 0 (empty)
SBUX 0 (empty)
SCHW .3342094 .0694081 4.82 0.000 .1981293 .4702895
SEDG 0 (empty)
SEE 1.032685 .0841764 12.27 0.000 .8676503 1.197719
SHW .1381548 .0614828 2.25 0.025 .0176128 .2586968
SJM .6816833 .1265006 5.39 0.000 .4336687 .9296979
SLB .3572937 .0977729 3.65 0.000 .1656021 .5489853
SNA .2075228 .0642211 3.23 0.001 .0816122 .3334333
SNPS 0 (empty)
SO -.095672 .0693842 -1.38 0.168 -.2317053 .0403613
SPG 0 (empty)
SPGI .2487308 .084964 2.93 0.003 .0821521 .4153095
SRE .4478922 .1027751 4.36 0.000 .2463935 .649391
STE -.04192 .0772427 -0.54 0.587 -.1933605 .1095205
STLD 0 (empty)
STT 1.129407 .0804199 14.04 0.000 .9717378 1.287077
STX 0 (empty)
STZ .2804244 .0644054 4.35 0.000 .1541525 .4066963
SWK 1.07486 .065907 16.31 0.000 .9456443 1.204076
SWKS 0 (empty)
SYF 0 (empty)
SYK .2011508 .0816657 2.46 0.014 .0410387 .3612628
SYY .4703149 .0928691 5.06 0.000 .2882376 .6523923
T .7089127 .1104994 6.42 0.000 .4922699 .9255556
TAP .2507214 .1077383 2.33 0.020 .0394918 .4619509
TDG -.1329566 .0753903 -1.76 0.078 -.2807653 .0148522
TDY .0019556 .0692323 0.03 0.977 -.1337799 .1376911
TECH 0 (empty)
TEL -.0143183 .0559831 -0.26 0.798 -.1240776 .095441
TER .1235342 .063058 1.96 0.050 -.0000961 .2471644
TFC .0648251 .0873605 0.74 0.458 -.1064521 .2361023
TFX .083441 .0759186 1.10 0.272 -.0654034 .2322854
TGT .5350093 .1083091 4.94 0.000 .3226608 .7473579
TJX .259763 .0757876 3.43 0.001 .1111754 .4083506
TMO .4169087 .0957523 4.35 0.000 .2291786 .6046388
TMUS 0 (empty)
TPR .5905515 .1064685 5.55 0.000 .3818116 .7992914
TRGP 0 (empty)
TRMB 0 (empty)
TROW 0 (empty)
TRV .2318538 .0951048 2.44 0.015 .0453934 .4183143
TSCO 0 (empty)
TSLA 0 (empty)
TSN .49617 .0965818 5.14 0.000 .3068136 .6855264
TT .0840235 .071671 1.17 0.241 -.0564933 .2245403
TTWO 0 (empty)
TXN .4470836 .1446754 3.09 0.002 .1634359 .7307313
TXT -.0114791 .0609508 -0.19 0.851 -.1309779 .1080198
TYL 0 (empty)
UAL .2258124 .0961179 2.35 0.019 .0373656 .4142593
UDR 0 (empty)
UHS .2137587 .0828593 2.58 0.010 .0513064 .3762109
ULTA 0 (empty)
UNH 0 (empty)
UNP .0653033 .058886 1.11 0.268 -.0501474 .180754
UPS .5330604 .1108541 4.81 0.000 .3157222 .7503987
URI 0 (empty)
USB .3912409 .1210727 3.23 0.001 .1538683 .6286135
V .960158 .0763802 12.57 0.000 .8104085 1.109907
VFC .7145534 .1020899 7.00 0.000 .514398 .9147089
VICI 0 (empty)
VLO .3246985 .0961138 3.38 0.001 .1362597 .5131373
VMC .2172617 .0539871 4.02 0.000 .1114157 .3231078
VRSK .6913673 .1140606 6.06 0.000 .4677424 .9149921
VRSN 0 (empty)
VRTX 0 (empty)
VTR 0 (empty)
VTRS -.224931 .0893881 -2.52 0.012 -.4001834 -.0496786
VZ .6352209 .1148127 5.53 0.000 .4101215 .8603204
WAB .6364812 .1229819 5.18 0.000 .3953653 .8775971
WAT .3134655 .0837733 3.74 0.000 .1492212 .4777098
WBA .8020915 .0718674 11.16 0.000 .6611897 .9429933
WBD .1043705 .0970478 1.08 0.282 -.0858996 .2946405
WDC 0 (empty)
WEC -.0340883 .0612809 -0.56 0.578 -.1542344 .0860579
WELL 0 (empty)
WFC .8904982 .0983581 9.05 0.000 .6976593 1.083337
WHR .4781559 .0969453 4.93 0.000 .288087 .6682248
WM 0 (empty)
WMB .0190241 .0696398 0.27 0.785 -.1175103 .1555585
WMT 0 (empty)
WRB 0 (empty)
WRK .75899 .1028862 7.38 0.000 .5572735 .9607065
WST 0 (empty)
WTW .05852 .0592464 0.99 0.323 -.0576374 .1746773
WY .9474269 .0464128 20.41 0.000 .856431 1.038423
WYNN 0 (empty)
XEL .0761853 .0560362 1.36 0.174 -.033678 .1860487
XOM -.1104892 .0854526 -1.29 0.196 -.2780258 .0570474
XRAY .2246406 .0801258 2.80 0.005 .0675475 .3817337
XYL .1850766 .111802 1.66 0.098 -.0341202 .4042733
YUM .4622945 .1076914 4.29 0.000 .251157 .673432
ZBH .1054759 .065135 1.62 0.105 -.0222264 .2331782
ZBRA 0 (empty)
ZION .2035525 .0951463 2.14 0.032 .0170106 .3900945
ZTS .1951464 .1522951 1.28 0.200 -.1034403 .493733

year
1998 0 (empty)
1999 0 (empty)
2000 0 (empty)
2001 0 (empty)
2002 0 (empty)
2003 0 (empty)
2004 -.2824162 .0782973 -3.61 0.000 -.4359243 -.1289081
2005 -.2741984 .0749817 -3.66 0.000 -.421206 -.1271909
2006 -.2658671 .0745188 -3.57 0.000 -.4119672 -.1197671
2007 -.2478172 .0732699 -3.38 0.001 -.3914687 -.1041658
2008 -.246517 .0668507 -3.69 0.000 -.377583 -.1154509
2009 -.2323145 .0712 -3.26 0.001 -.3719078 -.0927212
2010 -.2243777 .0689612 -3.25 0.001 -.3595817 -.0891737
2011 -.2101408 .066274 -3.17 0.002 -.3400762 -.0802054
2012 -.1928121 .0702122 -2.75 0.006 -.3304687 -.0551555
2013 -.1579918 .0673382 -2.35 0.019 -.2900138 -.0259698
2014 -.1750596 .0692293 -2.53 0.011 -.3107892 -.0393301
2015 -.1657105 .0648014 -2.56 0.011 -.2927589 -.0386622
2016 -.1407033 .0683554 -2.06 0.040 -.2747195 -.006687
2017 -.1202262 .0712499 -1.69 0.092 -.2599173 .0194648
2018 -.089571 .0647857 -1.38 0.167 -.2165886 .0374466
2019 -.0483958 .0749045 -0.65 0.518 -.195252 .0984604
2020 -.0354708 .0803156 -0.44 0.659 -.1929359 .1219943
2021 -.023146 .0774124 -0.30 0.765 -.1749192 .1286272
2022 0 (omitted)
2023 0 (empty)

Instrumental .0142292 .0024827 5.73 0.000 .0093617 .0190967
_cons -.3775393 .2163114 -1.75 0.081 -.8016351 .0465565

[hussein bataineh]

Instrumental variables 2SLS regression Number of obs = 4,188
Wald chi2(333) = 106922.41
Prob > chi2 = 0.0000
R-squared = 0.6601
Root MSE = 11.426


Robust
EQUITY Coefficient std. err. z P>z [95% conf. interval]

CSO -18.04437 6.33852 -2.85 0.004 -30.46764 -5.6211
FSIZE 1.249724 .8026722 1.56 0.119 -.3234847 2.822933
OP_CF -8.863891 6.691028 -1.32 0.185 -21.97807 4.250284
SD_OCF -8.849571 15.52749 -0.57 0.569 -39.28289 21.58375
TAX -.7257148 .7706664 -0.94 0.346 -2.236193 .7847635
BM -2.53206 1.226846 -2.06 0.039 -4.936633 -.1274871
LEV -2.497244 3.074467 -0.81 0.417 -8.523089 3.528602
MA .5156024 1.416144 0.36 0.716 -2.259989 3.291193
DPP 12.55769 2.377285 5.28 0.000 7.8983 17.21708
RPP 9.129707 3.379037 2.70 0.007 2.506917 15.7525
PSIZE 2.180524 .9045611 2.41 0.016 .4076167 3.953431
DR 3.756097 .6881811 5.46 0.000 2.407287 5.104907
Gov_score -.0032574 .0124862 -0.26 0.794 -.0277298 .0212151
Sustain_Perf .0002945 .0211646 0.01 0.989 -.0411874 .0417764
Sust_Commit -.8443088 .6438693 -1.31 0.190 -2.106269 .4176518

id
AAL -20.08001 4.370566 -4.59 0.000 -28.64616 -11.51386
AAP 0 (empty)
AAPL 0 (empty)
ABBV -27.46088 7.25714 -3.78 0.000 -41.68461 -13.23714
ABT -15.0622 3.81938 -3.94 0.000 -22.54805 -7.576352
ACGL 0 (empty)
ACN -8.882919 3.558911 -2.50 0.013 -15.85826 -1.907581
ADBE 0 (empty)
ADI -7.011271 4.988032 -1.41 0.160 -16.78763 2.765093
ADM -15.3795 5.314808 -2.89 0.004 -25.79633 -4.962666
ADP -9.335717 5.18197 -1.80 0.072 -19.49219 .8207562
ADSK 8.986178 7.26097 1.24 0.216 -5.245061 23.21742
AEE -15.5125 4.397736 -3.53 0.000 -24.1319 -6.893096
AEP -18.69072 6.762168 -2.76 0.006 -31.94432 -5.437111
AES -28.46072 3.381754 -8.42 0.000 -35.08883 -21.8326
AFL -22.5542 4.682828 -4.82 0.000 -31.73237 -13.37602
AIG -27.55425 5.481606 -5.03 0.000 -38.298 -16.8105
AIZ -31.14583 4.983403 -6.25 0.000 -40.91312 -21.37854
AJG 16.38063 7.94974 2.06 0.039 .7994286 31.96184
AKAM 0 (empty)
ALB -12.51047 5.095258 -2.46 0.014 -22.49699 -2.523948
ALGN 0 (empty)
ALK -27.24632 3.877649 -7.03 0.000 -34.84637 -19.64627
ALL 0 (empty)
ALLE -49.78098 4.536752 -10.97 0.000 -58.67285 -40.88911
AMAT -20.9702 3.82256 -5.49 0.000 -28.46228 -13.47812
AMCR -32.31912 3.627935 -8.91 0.000 -39.42974 -25.2085
AMD 0 (empty)
AME -15.02643 3.324543 -4.52 0.000 -21.54241 -8.51044
AMGN 0 (empty)
AMP -27.6447 4.797448 -5.76 0.000 -37.04752 -18.24187
AMT 0 (empty)
AMZN 0 (empty)
ANET 0 (empty)
ANSS 0 (empty)
AON -38.37287 4.965449 -7.73 0.000 -48.10497 -28.64077
AOS -12.24299 6.063494 -2.02 0.043 -24.12722 -.3587632
APA -25.62699 4.120297 -6.22 0.000 -33.70263 -17.55136
APD -12.04287 2.921656 -4.12 0.000 -17.76921 -6.316526
APH -3.692847 5.68815 -0.65 0.516 -14.84142 7.455723
APTV -24.7846 4.523276 -5.48 0.000 -33.65005 -15.91914
ARE 0 (empty)
ATO 2.809483 3.421482 0.82 0.412 -3.896499 9.515465
ATVI 0 (empty)
AVB 0 (empty)
AVGO -54.36645 5.906242 -9.20 0.000 -65.94248 -42.79043
AVY -14.99037 4.488872 -3.34 0.001 -23.78839 -6.192339
AWK -13.49887 3.311321 -4.08 0.000 -19.98894 -7.008799
AXP -14.03792 6.785891 -2.07 0.039 -27.33802 -.7378203
AZO -8.15761 4.61799 -1.77 0.077 -17.2087 .8934842
BA -42.96961 4.174617 -10.29 0.000 -51.15171 -34.78751
BAC -25.67748 4.292752 -5.98 0.000 -34.09112 -17.26384
BALL -35.92983 3.328919 -10.79 0.000 -42.45439 -29.40527
BAX -12.44392 2.653962 -4.69 0.000 -17.64559 -7.242251
BBWI 0 (empty)
BBY 0 (empty)
BDX -18.05277 5.590036 -3.23 0.001 -29.00904 -7.0965
BEN 18.03904 5.161008 3.50 0.000 7.923645 28.15443
BF.B -5.571204 6.06636 -0.92 0.358 -17.46105 6.318642
BIIB -72.20897 6.715248 -10.75 0.000 -85.37061 -59.04733
BIO 0 (empty)
BK -23.35741 3.565787 -6.55 0.000 -30.34622 -16.36859
BKNG 0 (empty)
BKR 0 (empty)
BLK 0 (empty)
BMY -23.11722 3.815344 -6.06 0.000 -30.59516 -15.63928
BR 0 (empty)
BRK.B 0 (empty)
BRO 0 (empty)
BSX 0 (empty)
BWA -31.57589 2.832351 -11.15 0.000 -37.12719 -26.02458
BXP 0 (empty)
C -55.42027 4.061469 -13.65 0.000 -63.3806 -47.45993
CAG -19.07065 6.020486 -3.17 0.002 -30.87058 -7.27071
CAH -29.71337 4.877056 -6.09 0.000 -39.27222 -20.15451
CARR -18.65388 12.95366 -1.44 0.150 -44.04258 6.734816
CAT -26.97438 3.858868 -6.99 0.000 -34.53763 -19.41114
CB 0 (empty)
CBOE 0 (empty)
CBRE 2.677066 6.44115 0.42 0.678 -9.947356 15.30149
CCI 0 (empty)
CCL 0 (empty)
CDAY -24.87128 5.136929 -4.84 0.000 -34.93947 -14.80308
CDNS 0 (empty)
CDW 0 (empty)
CE -24.24365 3.931565 -6.17 0.000 -31.94937 -16.53792
CEG 0 (empty)
CF -39.78845 3.653982 -10.89 0.000 -46.95012 -32.62678
CFG -17.81649 4.167419 -4.28 0.000 -25.98448 -9.648495
CHD 5.987633 9.249557 0.65 0.517 -12.14117 24.11643
CHRW 0 (empty)
CHTR -8.210694 4.523571 -1.82 0.070 -17.07673 .6553427
CI -27.00325 4.122442 -6.55 0.000 -35.08309 -18.92342
CINF 7.117653 3.836916 1.86 0.064 -.4025632 14.63787
CL -26.02605 3.823241 -6.81 0.000 -33.51946 -18.53263
CLX -21.51286 4.814199 -4.47 0.000 -30.94852 -12.07721
CMA -11.93988 5.373572 -2.22 0.026 -22.47188 -1.407871
CMCSA 0 (empty)
CME -23.01061 4.26547 -5.39 0.000 -31.37078 -14.65044
CMG 0 (empty)
CMI -25.93727 6.385695 -4.06 0.000 -38.453 -13.42154
CMS -27.90829 3.437558 -8.12 0.000 -34.64578 -21.1708
CNC 0 (empty)
CNP -22.08906 3.890074 -5.68 0.000 -29.71346 -14.46466
COF -8.608628 5.200896 -1.66 0.098 -18.8022 1.58494
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WYNN 0 (empty)
XEL -37.26971 5.121501 -7.28 0.000 -47.30766 -27.23175
XOM -34.45485 4.71314 -7.31 0.000 -43.69244 -25.21727
XRAY -33.73134 3.941026 -8.56 0.000 -41.45561 -26.00707
XYL -34.24117 3.551449 -9.64 0.000 -41.20189 -27.28046
YUM -8.914468 5.009104 -1.78 0.075 -18.73213 .9031955
ZBH -21.89179 3.903232 -5.61 0.000 -29.54198 -14.24159
ZBRA 0 (empty)
ZION -7.782929 5.678534 -1.37 0.171 -18.91265 3.346793
ZTS -15.20117 5.801501 -2.62 0.009 -26.5719 -3.83044

year
1998 0 (empty)
1999 0 (empty)
2000 0 (empty)
2001 0 (empty)
2002 0 (empty)
2003 0 (empty)
2004 21.26731 3.822826 5.56 0.000 13.77471 28.75991
2005 21.23104 3.662329 5.80 0.000 14.05301 28.40908
2006 19.92219 3.627574 5.49 0.000 12.81228 27.03211
2007 17.15573 3.440549 4.99 0.000 10.41238 23.89908
2008 12.79659 3.195352 4.00 0.000 6.533815 19.05936
2009 11.99678 3.218253 3.73 0.000 5.689115 18.30443
2010 13.95103 3.138361 4.45 0.000 7.799951 20.1021
2011 13.0867 2.942011 4.45 0.000 7.320463 18.85293
2012 14.20195 3.012739 4.71 0.000 8.297087 20.10681
2013 11.95729 2.745927 4.35 0.000 6.575375 17.33921
2014 11.51663 2.885022 3.99 0.000 5.86209 17.17117
2015 11.04276 2.644842 4.18 0.000 5.858964 16.22655
2016 11.40173 2.696531 4.23 0.000 6.116627 16.68684
2017 10.34807 2.734812 3.78 0.000 4.987937 15.7082
2018 5.238427 2.345779 2.23 0.026 .6407844 9.836069
2019 7.312586 2.779774 2.63 0.009 1.864329 12.76084
2020 10.08677 2.942468 3.43 0.001 4.31964 15.8539
2021 6.31121 2.822915 2.24 0.025 .7783978 11.84402
2022 0 (omitted)
2023 0 (empty)

_cons 15.44849 8.910586 1.73 0.083 -2.015936 32.91292