Key coefficients
| Parameter | Coef | HC3 SE | t | Wild p |
|---|---|---|---|---|
| Div(c) | 0.296 | 0.123 | 2.42 | – |
| CDE(c) | −0.472 | 0.575 | −0.82 | – |
| Int(c) | 0.987 | 0.197 | 5.01 | – |
| Div(c) × CDE(c) | −0.191 | 0.563 | −0.34 | – |
| Div(c) × Int(c) | −0.119 | 0.182 | −0.65 | – |
| CDE(c) × Int(c) | −0.653 | 0.502 | −1.30 | – |
| Div(c) × CDE(c) × Int(c) | −0.776 | 0.811 | −0.96 | 0.485 |
| Parameter | Coef | HC3 SE | Wild p | |
|---|---|---|---|---|
| Div(c) | 0.296 | 0.123 | 2.42 | – |
| CDE(c) | −0.472 | 0.575 | −0.82 | – |
| Int(c) | 0.987 | 0.197 | 5.01 | – |
| Div(c) × CDE(c) | −0.191 | 0.563 | −0.34 | – |
| Div(c) × Int(c) | −0.119 | 0.182 | −0.65 | – |
| CDE(c) × Int(c) | −0.653 | 0.502 | −1.30 | – |
| Div(c) × CDE(c) × Int(c) | −0.776 | 0.811 | −0.96 | 0.485 |
Note(s): Coder fixed effects; year fixed effects; HC3 standard errors. Wild-cluster p-values by firm (6 clusters; Rademacher weights; B = 2,000) are reported for the focal term only (Div(c) × CDE(c) × Int(c)). See §3.6 for the full specification and Appendix D for influence checks