Table 7 Cross sectional test (1) (2) (3)...

Table 7

Cross sectional test

	(1)	(2)	(3)	(4)
Interaction	SOE		Loss
Dep. Variable	${L i q u i d i t y}_{t + 1}$
${E s g D i s 1}_{t}$	0.263***		0.171***
${E s g D i s 1}_{t}$	(5.121)		(3.935)
${E s g D i s 2}_{t}$		0.304***		0.208***
${E s g D i s 2}_{t}$		(6.163)		(4.990)
SOE	0.042*	0.052**
SOE	(1.847)	(2.250)
SOE× ${E s g D i s 1}_{t}$	−0.146*
SOE× ${E s g D i s 1}_{t}$	(−1.661)
SOE× ${E s g D i s 2}_{t}$		−0.192**
SOE× ${E s g D i s 2}_{t}$		(−2.294)
Loss			−0.048	−0.038
Loss			(−1.450)	(−1.147)
Loss× ${E s g D i s 1}_{t}$			0.321**
Loss× ${E s g D i s 1}_{t}$			(2.317)
Loss× ${E s g D i s 2}_{t}$				0.248*
Loss× ${E s g D i s 2}_{t}$				(1.834)
Constant	−10.425***	−10.392***	−10.299***	−10.263***
Constant	(−50.698)	(−50.544)	(−51.734)	(−51.565)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578
R-squared	0.734	0.734	0.733	0.733

	(1)	(2)	(3)	(4)
Interaction	SOE		Loss
Dep. Variable	${L i q u i d i t y}_{t + 1}$
${E s g D i s 1}_{t}$	0.263***		0.171***
${E s g D i s 1}_{t}$	(5.121)		(3.935)
${E s g D i s 2}_{t}$		0.304***		0.208***
${E s g D i s 2}_{t}$		(6.163)		(4.990)
SOE	0.042*	0.052**
SOE	(1.847)	(2.250)
SOE× ${E s g D i s 1}_{t}$	−0.146*
SOE× ${E s g D i s 1}_{t}$	(−1.661)
SOE× ${E s g D i s 2}_{t}$		−0.192**
SOE× ${E s g D i s 2}_{t}$		(−2.294)
Loss			−0.048	−0.038
Loss			(−1.450)	(−1.147)
Loss× ${E s g D i s 1}_{t}$			0.321**
Loss× ${E s g D i s 1}_{t}$			(2.317)
Loss× ${E s g D i s 2}_{t}$				0.248*
Loss× ${E s g D i s 2}_{t}$				(1.834)
Constant	−10.425***	−10.392***	−10.299***	−10.263***
Constant	(−50.698)	(−50.544)	(−51.734)	(−51.565)
${Controls}_{t}$ Included	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes
Province FE	Yes	Yes	Yes	Yes
Obs	29,578	29,578	29,578	29,578
R-squared	0.734	0.734	0.733	0.733

Note(s): All continuous variables are winsorized at the 1st and 99th percentile. T values are reported in parentheses under coefficients. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. Variable definitions are presented in Appendix A

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