Mechanism analysis: resource allocation effects and corporate reputation effects
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Gov | Bnk | Tax | Fame | News | |
| Gplant | 0.0005** (0.0002) | 0.0082** (0.0034) | −0.0026*** (0.0010) | 0.1577*** (0.0560) | 0.0863*** (0.0214) |
| Controls | YES | YES | YES | YES | YES |
| Firm FE | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES |
| Constant | 0.0230*** (0.0038) | −0.1280** (0.0537) | −0.0280 (0.0219) | −14.9421*** (1.1457) | 2.0046*** (0.3607) |
| N | 26331 | 17934 | 26637 | 22962 | 25655 |
| R2 | 0.5406 | 0.8262 | 0.8062 | 0.8675 | 0.7724 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Gov | Bnk | Tax | Fame | News | |
| Gplant | 0.0005 | 0.0082 | −0.0026 | 0.1577 | 0.0863 |
| Controls | |||||
| Firm | |||||
| Year | |||||
| Constant | 0.0230 | −0.1280 | −0.0280 (0.0219) | −14.9421 | 2.0046 |
| 26331 | 17934 | 26637 | 22962 | 25655 | |
| 0.5406 | 0.8262 | 0.8062 | 0.8675 | 0.7724 |
Standard errors at the firm-level cluster in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01
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