Table 5 Placebo test Variables Model 1...

Table 5

Placebo test

Variables	Model 1	Model 2
Variables	Commit	Inno
DID	0.048	−0.042
	(0.043)	(0.035)
Age	0.044***	−0.026***
	(0.006)	(0.004)
Size	0.033	0.061***
	(0.024)	(0.020)
ROA	−0.012	0.101
	(0.125)	(0.102)
Leverage	−0.097	−0.086
	(0.074)	(0.068)
Tb_Q	−0.001	−0.012***
	(0.006)	(0.004)
SOE	−0.040	0.104*
	(0.060)	(0.054)
Independ_Director	−0.003	−0.126
	(0.242)	(0.233)
Largest_Share	0.026	−0.129
	(0.160)	(0.114)
Chairman_Duality	−0.052*	0.010
	(0.030)	(0.025)
Board_Size	−0.003	0.009
	(0.011)	(0.010)
Constant	−0.597	−0.703
	(0.539)	(0.429)
Observations	8,822	9,218
Firm FE	Yes	Yes
Year FE	Yes	Yes
R-squared	0.070	0.073

Variables	Model 1	Model 2
Variables	Commit	Inno
DID	0.048	−0.042
	(0.043)	(0.035)
Age	0.044***	−0.026***
	(0.006)	(0.004)
Size	0.033	0.061***
	(0.024)	(0.020)
ROA	−0.012	0.101
	(0.125)	(0.102)
Leverage	−0.097	−0.086
	(0.074)	(0.068)
Tb_Q	−0.001	−0.012***
	(0.006)	(0.004)
SOE	−0.040	0.104*
	(0.060)	(0.054)
Independ_Director	−0.003	−0.126
	(0.242)	(0.233)
Largest_Share	0.026	−0.129
	(0.160)	(0.114)
Chairman_Duality	−0.052*	0.010
	(0.030)	(0.025)
Board_Size	−0.003	0.009
	(0.011)	(0.010)
Constant	−0.597	−0.703
	(0.539)	(0.429)
Observations	8,822	9,218
Firm FE	Yes	Yes
Year FE	Yes	Yes
R-squared	0.070	0.073

Note(s): This table presents the placebo test results. We advance the policy implementation year by two years (to 2013) and redefine the Post variable for the analysis. Standard errors are reported in parentheses; ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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