Other additional tests
| Regression estimates | ||||||
|---|---|---|---|---|---|---|
| Pre- result | Post-result | Interaction [INDY*YIR] | Interaction [PC-SB*RGYM] | SOE sample | Non-SOE sample | |
| PC-SB | −1.530*** (−3.92) | −0.682*** (−7.24) | −0.676*** (−7.18) | −1.017*** (−3.62) | −0.287* (−1.48) | −0.695*** (−6.73) |
| RGYM | −1.237* (−1.70) | −0.400*** (−2.28) | −0.390* (−1.39) | −0.447*** (−2.49) | −1.144** (−2.51) | −0.375** (−2.03) |
| BCZE | 0.164*** (5.62) | 0.066*** (9.34) | 0.066*** (9.44) | 0.066*** (9.37) | −0.007 (−0.33) | 0.068*** (9.26) |
| FAGE | −0.006 (−1.17) | 0.008*** (6.34) | 0.007*** (5.91) | 0.007*** (6.34) | 0.007** (2.00) | 0.007*** (5.99) |
| FSIZ | 0.143*** (4.16) | 0.033*** (3.93) | 0.033*** (4.06) | 0.032*** (3.91) | 0.056** (2.28) | 0.032*** (3.77) |
| LVRG | −0.000 (−0.29) | −0.001 (−1.64) | −0.000 (−1.55) | −0.000* (−1.67) | −0.190*** (−2.59) | −0.000 (−1.60) |
| SOE | 0.418 (1.06) | −0.015 (−0.16) | −0.008 (−0.08) | −0.031 (−0.33) | – | – |
| INT [INDY*YIR] | – | – | −0.017*** (−3.26) | – | – | – |
| INT [PC-SB*RGYM] | – | – | – | 0.378 (1.27) | – | – |
| INDY | Included | Included | Included | Included | Included | Included |
| YIR | Included | Included | Included | Included | Included | Included |
| R2 | 0.04 | 0.096 | 0.099 | 0.096 | 0.290 | 0.096 |
| Adjusted R2 | 0.03 | 0.089 | 0.092 | 0.089 | 0.199 | 0.08 |
| F | 5.69 | 14.25 | 14.15 | 13.79 | 3.21 | 13.99 |
| Prob > F | 0.000*** | 0.000*** | 0.000*** | 0.000*** | 0.000*** | 0.000*** |
| N | 3,505 | 3,505 | 3,505 | 3,505 | 196 | 3,309 |
| Regression estimates | ||||||
|---|---|---|---|---|---|---|
| Pre- result | Post-result | Interaction [INDY*YIR] | Interaction [PC-SB*RGYM] | SOE sample | Non-SOE sample | |
| PC-SB | −1.530*** (−3.92) | −0.682*** (−7.24) | −0.676*** (−7.18) | −1.017*** (−3.62) | −0.287* (−1.48) | −0.695*** (−6.73) |
| RGYM | −1.237* (−1.70) | −0.400*** (−2.28) | −0.390* (−1.39) | −0.447*** (−2.49) | −1.144** (−2.51) | −0.375** (−2.03) |
| BCZE | 0.164*** (5.62) | 0.066*** (9.34) | 0.066*** (9.44) | 0.066*** (9.37) | −0.007 (−0.33) | 0.068*** (9.26) |
| FAGE | −0.006 (−1.17) | 0.008*** (6.34) | 0.007*** (5.91) | 0.007*** (6.34) | 0.007** (2.00) | 0.007*** (5.99) |
| FSIZ | 0.143*** (4.16) | 0.033*** (3.93) | 0.033*** (4.06) | 0.032*** (3.91) | 0.056** (2.28) | 0.032*** (3.77) |
| LVRG | −0.000 (−0.29) | −0.001 (−1.64) | −0.000 (−1.55) | −0.000* (−1.67) | −0.190*** (−2.59) | −0.000 (−1.60) |
| SOE | 0.418 (1.06) | −0.015 (−0.16) | −0.008 (−0.08) | −0.031 (−0.33) | – | – |
| INT [INDY*YIR] | – | – | −0.017*** (−3.26) | – | – | – |
| INT [PC-SB*RGYM] | – | – | – | 0.378 (1.27) | – | – |
| INDY | Included | Included | Included | Included | Included | Included |
| YIR | Included | Included | Included | Included | Included | Included |
| 0.04 | 0.096 | 0.099 | 0.096 | 0.290 | 0.096 | |
| Adjusted | 0.03 | 0.089 | 0.092 | 0.089 | 0.199 | 0.08 |
| F | 5.69 | 14.25 | 14.15 | 13.79 | 3.21 | 13.99 |
| Prob > F | 0.000*** | 0.000*** | 0.000*** | 0.000*** | 0.000*** | 0.000*** |
| 3,505 | 3,505 | 3,505 | 3,505 | 196 | 3,309 | |
Note(s): Table 9 presents the regression estimate results of other additional tests. The model represents a regression estimate using the years 2010–2022 [all regimes]. *** denotes a 1% significance level, ** denotes a 5% significance level, and * denotes a 10% significance level. all variable definitions
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