Table 3 Baseline regression (1) FC (2)...

Table 3

Baseline regression

	(1) FC	(2) FC	(3) FC	(4) FC
DF	−0.0105^**
DF	(−1.9833)
L.DF		−0.0091^*
L.DF		(−1.8238)
L2.DF			−0.0111^*
L2.DF			(−1.9409)
L3.DF				−0.0040
L3.DF				(−0.4616)
Size	−0.0297^***	−0.0300^***	−0.0290^***	−0.0286^***
Size	(−6.5728)	(−5.3664)	(−4.2989)	(−3.4984)
Cashflow	−0.1151^***	−0.1261^***	−0.1249^***	−0.1365^***
Cashflow	(−5.9331)	(−5.9769)	(−5.2078)	(−4.8673)
Lev	0.3814^***	0.3608^***	0.3560^***	0.3325^***
Lev	(23.5414)	(19.3883)	(16.7337)	(12.9727)
Growth	−0.0210^***	−0.0241^***	−0.0270^***	−0.0254^***
Growth	(−6.8720)	(−7.9444)	(−7.2857)	(−5.2125)
Indep	−0.0012^***	−0.0012^**	−0.0015^**	−0.0010
Indep	(−2.6029)	(−2.2617)	(−2.5472)	(−1.4760)
Board	−0.0350^**	−0.0213	−0.0344^*	−0.0351
Board	(−2.2153)	(−1.2473)	(−1.7437)	(−1.5793)
Seperate	0.0007	0.0006	0.0004	−0.0000
Seperate	(1.6013)	(1.2792)	(0.7877)	(−0.0458)
ListAge	−0.0025^*	−0.0020	−0.0016	−0.0035
ListAge	(−1.6872)	(−1.1658)	(−0.7567)	(−1.3977)
GDP	0.0018	0.0018	0.0021	0.0005
GDP	(1.3392)	(0.9483)	(1.0099)	(0.1334)
Pop	0.0247	0.0301	0.0414	0.0420
Pop	(0.7780)	(0.9690)	(1.3859)	(1.3892)
_cons	1.2969^***	1.2689^***	1.2913^***	1.2545^***
_cons	(11.4470)	(9.3335)	(7.9429)	(6.6173)
Year/city fixed effects	Yes	Yes	Yes	Yes
N	3,732	2,925	2,275	1703
Within R²	0.3744	0.3561	0.3560	0.3192

	(1) FC	(2) FC	(3) FC	(4) FC
DF	−0.0105^**
DF	(−1.9833)
L.DF		−0.0091^*
L.DF		(−1.8238)
L2.DF			−0.0111^*
L2.DF			(−1.9409)
L3.DF				−0.0040
L3.DF				(−0.4616)
Size	−0.0297^***	−0.0300^***	−0.0290^***	−0.0286^***
Size	(−6.5728)	(−5.3664)	(−4.2989)	(−3.4984)
Cashflow	−0.1151^***	−0.1261^***	−0.1249^***	−0.1365^***
Cashflow	(−5.9331)	(−5.9769)	(−5.2078)	(−4.8673)
Lev	0.3814^***	0.3608^***	0.3560^***	0.3325^***
Lev	(23.5414)	(19.3883)	(16.7337)	(12.9727)
Growth	−0.0210^***	−0.0241^***	−0.0270^***	−0.0254^***
Growth	(−6.8720)	(−7.9444)	(−7.2857)	(−5.2125)
Indep	−0.0012^***	−0.0012^**	−0.0015^**	−0.0010
Indep	(−2.6029)	(−2.2617)	(−2.5472)	(−1.4760)
Board	−0.0350^**	−0.0213	−0.0344^*	−0.0351
Board	(−2.2153)	(−1.2473)	(−1.7437)	(−1.5793)
Seperate	0.0007	0.0006	0.0004	−0.0000
Seperate	(1.6013)	(1.2792)	(0.7877)	(−0.0458)
ListAge	−0.0025^*	−0.0020	−0.0016	−0.0035
ListAge	(−1.6872)	(−1.1658)	(−0.7567)	(−1.3977)
GDP	0.0018	0.0018	0.0021	0.0005
GDP	(1.3392)	(0.9483)	(1.0099)	(0.1334)
Pop	0.0247	0.0301	0.0414	0.0420
Pop	(0.7780)	(0.9690)	(1.3859)	(1.3892)
_cons	1.2969^***	1.2689^***	1.2913^***	1.2545^***
_cons	(11.4470)	(9.3335)	(7.9429)	(6.6173)
Year/city fixed effects	Yes	Yes	Yes	Yes
N	3,732	2,925	2,275	1703
Within R²	0.3744	0.3561	0.3560	0.3192

Note(s): ^*, ^**, and ^*** indicate significance levels at 10%, 5%, and 1%, respectively. The model employs robust standard errors clustered at the firm level, and t-values are reported in parentheses. The same notation applies to subsequent tables

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