Robustness test for adjusted sample intervals
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | DT | DT | DT | DT | DT | DT |
| PAA | −0.288 (0.254) | −15.658*** (4.813) | 1.783*** (0.582) | |||
| PAA2 | 0.951* (0.535) | 24.400** (10.613) | −2.136* (1.227) | |||
| NP | −0.041** (0.020) | 0.120*** (0.021) | ||||
| PAA × NP | 1.464*** (0.460) | |||||
| PAA2 × NP | −2.231** (1.021) | |||||
| MP | 0.525*** (0.018) | 0.380*** (0.022) | ||||
| PAA × MP | −1.132*** (0.302) | |||||
| PAA2 × MP | 1.526** (0.681) | |||||
| PBA | −1.370*** (0.233) | −16.107*** (3.567) | 1.076** (0.515) | |||
| PBA2 | −3.390*** (0.668) | −31.981*** (10.556) | 2.974* (1.570) | |||
| PBA × NP | 1.408*** (0.337) | |||||
| PBA2 × NP | 2.745*** (0.991) | |||||
| PBA × MP | −0.983*** (0.236) | |||||
| PBA2 × MP | −2.720*** (0.707) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −11.234*** (0.336) | −10.903*** (0.360) | −5.047*** (0.292) | −10.790*** (0.342) | −11.694*** (0.376) | −7.265*** (0.394) |
| Adjusted R2 | 0.075 | 0.075 | 0.280 | 0.084 | 0.090 | 0.163 |
| Observations | 16,652 | 16,652 | 16,652 | 16,652 | 16,652 | 16,652 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| −0.288 (0.254) | −15.658 | 1.783 | ||||
| 0.951 | 24.400 | −2.136 | ||||
| −0.041 | 0.120 | |||||
| 1.464 | ||||||
| −2.231 | ||||||
| 0.525 | 0.380 | |||||
| −1.132 | ||||||
| 1.526 | ||||||
| −1.370 | −16.107 | 1.076 | ||||
| −3.390 | −31.981 | 2.974 | ||||
| 1.408 | ||||||
| 2.745 | ||||||
| −0.983 | ||||||
| −2.720 | ||||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −11.234 | −10.903 | −5.047 | −10.790 | −11.694 | −7.265 |
| Adjusted | 0.075 | 0.075 | 0.280 | 0.084 | 0.090 | 0.163 |
| Observations | 16,652 | 16,652 | 16,652 | 16,652 | 16,652 | 16,652 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
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