Estimation results of baseline regression
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Ene | Osa | Ene | Osa | Ene | Osa | |
| Gplant | 0.1122*** (0.0164) | 3.1851*** (0.3449) | 0.0214** (0.0085) | 0.7461*** (0.1731) | 0.0229*** (0.0085) | 0.7795*** (0.1727) |
| Age | −0.0563 (0.0444) | −0.0447 (0.8835) | ||||
| ROA | 0.0445 (0.0404) | 2.5267*** (0.7657) | ||||
| Lev | 0.0996*** (0.0268) | 2.7697*** (0.5235) | ||||
| Capital | −0.0028 (0.0089) | −0.0969 (0.1720) | ||||
| TobinQ | −0.0073*** (0.0027) | −0.2138*** (0.0494) | ||||
| Mshare | −0.0005* (0.0003) | −0.0110** (0.0056) | ||||
| Indep | 0.0004 (0.0006) | 0.0046 (0.0128) | ||||
| Dual | −0.0050 (0.0072) | −0.1484 (0.1372) | ||||
| Controls | NO | NO | NO | NO | YES | YES |
| Firm FE | NO | NO | YES | YES | YES | YES |
| Year FE | NO | NO | YES | YES | YES | YES |
| Constant | 0.6043*** (0.0091) | 11.6462*** (0.1788) | 0.6153*** (0.0010) | 11.9405*** (0.0209) | 0.7853*** (0.1758) | 12.7251*** (3.4237) |
| N | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 |
| R2 | 0.0057 | 0.0117 | 0.8415 | 0.8537 | 0.8421 | 0.8547 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Ene | Osa | Ene | Osa | Ene | Osa | |
| Gplant | 0.1122 | 3.1851 | 0.0214 | 0.7461 | 0.0229 | 0.7795 |
| Age | −0.0563 (0.0444) | −0.0447 (0.8835) | ||||
| 0.0445 (0.0404) | 2.5267 | |||||
| Lev | 0.0996 | 2.7697 | ||||
| Capital | −0.0028 (0.0089) | −0.0969 (0.1720) | ||||
| TobinQ | −0.0073 | −0.2138 | ||||
| Mshare | −0.0005 | −0.0110 | ||||
| Indep | 0.0004 (0.0006) | 0.0046 (0.0128) | ||||
| Dual | −0.0050 (0.0072) | −0.1484 (0.1372) | ||||
| Controls | ||||||
| Firm | ||||||
| Year | ||||||
| Constant | 0.6043 | 11.6462 | 0.6153 | 11.9405 | 0.7853 | 12.7251 |
| 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | |
| 0.0057 | 0.0117 | 0.8415 | 0.8537 | 0.8421 | 0.8547 |
Standard errors at the firm-level cluster in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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