Robustness checks: excluding confounding policy shocks
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| Ene | Osa | Ene | Osa | Ene | Osa | Ene | Osa | |
| Gplant | 0.0229*** (0.0085) | 0.7798*** (0.1727) | 0.0231*** (0.0085) | 0.7845*** (0.1726) | 0.0229*** (0.0085) | 0.7804*** (0.1726) | 0.0231*** (0.0085) | 0.7855*** (0.1727) |
| LCT | −0.0077 (0.0134) | −0.0765 (0.2614) | −0.0073 (0.0131) | −0.1020 (0.2565) | ||||
| EPL | −0.0113 (0.0142) | −0.2483 (0.2868) | −0.0118 (0.0142) | −0.2389 (0.2879) | ||||
| CET | −0.0041 (0.0191) | 0.1395 (0.3792) | −0.0039 (0.0191) | 0.1337 (0.3782) | ||||
| Constant | 0.7916*** (0.1765) | 12.7883*** (3.4381) | 0.7920*** (0.1766) | 12.8725*** (3.4380) | 0.7880*** (0.1758) | 12.6346*** (3.4294) | 0.8008*** (0.1775) | 12.8642*** (3.4586) |
| Controls | YES | YES | YES | YES | YES | YES | YES | YES |
| Firm FE | YES | YES | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES | YES | YES |
| N | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 |
| R2 | 0.8421 | 0.8547 | 0.8421 | 0.8548 | 0.8421 | 0.8547 | 0.8421 | 0.8548 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| Ene | Osa | Ene | Osa | Ene | Osa | Ene | Osa | |
| Gplant | 0.0229 | 0.7798 | 0.0231 | 0.7845 | 0.0229 | 0.7804 | 0.0231 | 0.7855 |
| −0.0077 (0.0134) | −0.0765 (0.2614) | −0.0073 (0.0131) | −0.1020 (0.2565) | |||||
| −0.0113 (0.0142) | −0.2483 (0.2868) | −0.0118 (0.0142) | −0.2389 (0.2879) | |||||
| −0.0041 (0.0191) | 0.1395 (0.3792) | −0.0039 (0.0191) | 0.1337 (0.3782) | |||||
| Constant | 0.7916 | 12.7883 | 0.7920 | 12.8725 | 0.7880 | 12.6346 | 0.8008 | 12.8642 |
| Controls | ||||||||
| Firm | ||||||||
| Year | ||||||||
| 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | 26639 | |
| 0.8421 | 0.8547 | 0.8421 | 0.8548 | 0.8421 | 0.8547 | 0.8421 | 0.8548 |
Standard errors at the firm-level cluster in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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