Robustness test for replacing aspiration
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | DT | DT | DT | DT | DT | DT |
| PAA | −0.243 (0.210) | −3.881 (2.892) | 1.388*** (0.384) | |||
| PAA2 | 0.732** (0.307) | 8.405* (4.440) | −1.300** (0.536) | |||
| NP | 0.106*** (0.015) | 0.132*** (0.024) | ||||
| PAA × NP | 0.341 (0.276) | |||||
| PAA2 × NP | −0.731* (0.427) | |||||
| MP | 0.454*** (0.030) | 0.384*** (0.030) | ||||
| PAA × MP | −0.887*** (0.237) | |||||
| PAA2 × MP | 0.959*** (0.348) | |||||
| PBA | −1.448*** (0.213) | −6.174** (2.413) | 1.687*** (0.373) | |||
| PBA2 | −2.274*** (0.446) | −11.622** (5.205) | 2.700*** (0.811) | |||
| PBA × NP | 0.444* (0.227) | |||||
| PBA2 × NP | 0.859* (0.483) | |||||
| PBA × MP | −1.454*** (0.196) | |||||
| PBA2 × MP | −2.368*** (0.403) | |||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −10.036*** (0.510) | −10.319*** (0.507) | −6.293*** (0.537) | −9.367*** (0.510) | −9.958*** (0.539) | −5.712*** (0.531) |
| Adjusted R2 | 0.126 | 0.144 | 0.229 | 0.142 | 0.162 | 0.245 |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| −0.243 (0.210) | −3.881 (2.892) | 1.388 | ||||
| 0.732 | 8.405 | −1.300 | ||||
| 0.106 | 0.132 | |||||
| 0.341 (0.276) | ||||||
| −0.731 | ||||||
| 0.454 | 0.384 | |||||
| −0.887 | ||||||
| 0.959 | ||||||
| −1.448 | −6.174 | 1.687 | ||||
| −2.274 | −11.622 | 2.700 | ||||
| 0.444 | ||||||
| 0.859 | ||||||
| −1.454 | ||||||
| −2.368 | ||||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry/year | Yes | Yes | Yes | Yes | Yes | Yes |
| Constant | −10.036 | −10.319 | −6.293 | −9.367 | −9.958 | −5.712 |
| Adjusted | 0.126 | 0.144 | 0.229 | 0.142 | 0.162 | 0.245 |
| Observations | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 | 22,610 |
Standard errors in parentheses; *p < 0.10, **p < 0.05, ***p < 0.01
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