Note(s): This table reports the regression results after dividing the full sample into three sub-periods: 2007–2013, 2014–2019 and 2020–2022. Column (1) presents the results for 2007–2013, column (2) for 2014–2019 and column (3) for 2020–2022. The t-statistics reported in parentheses are based on standard errors clustered by firm. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively. Variable definitions are provided in Table 1