Exogenous shock – difference-in-differences
| Pre-2019 | Post-2019 | Pre-2019 | Post-2019 | Pre-2019 | Post-2019 | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | CA_HO | CA_HO | LEV | LEV | INVEFF | INVEFF |
| TREAT_POST | −0.013 (−0.98) | 0.012 (0.97) | −0.001 (−0.05) | −0.039 (−1.39) | 0.006 (1.21) | −0.002 (−0.43) |
| Constant | 0.461*** (3.36) | −0.170 (−0.72) | −0.049 (−0.28) | 0.544** (2.08) | −0.165*** (−2.75) | −0.282** (−2.54) |
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 2,230 | 1,023 | 2,230 | 1,023 | 2,230 | 1,023 |
| Adj-R2 | 0.774 | 0.866 | 0.739 | 0.836 | 0.574 | 0.663 |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm | Yes | Yes | Yes | Yes | Yes | Yes |
| Pre-2019 | Post-2019 | Pre-2019 | Post-2019 | Pre-2019 | Post-2019 | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Variables | ||||||
| −0.013 (−0.98) | 0.012 (0.97) | −0.001 (−0.05) | −0.039 (−1.39) | 0.006 (1.21) | −0.002 (−0.43) | |
| 0.461 | −0.170 (−0.72) | −0.049 (−0.28) | 0.544 | −0.165 | −0.282 | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| 2,230 | 1,023 | 2,230 | 1,023 | 2,230 | 1,023 | |
| 0.774 | 0.866 | 0.739 | 0.836 | 0.574 | 0.663 | |
| Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes |
Robust t-statistics in parentheses *** p < 0.01, **p < 0.05