Controlling for firm-fixed effect
| Variables | (1) |
|---|---|
| LnSGA | |
| LnIncome | 0.489*** |
| (39.58) | |
| LnIncome×D | −0.252*** |
| (−2.83) | |
| LnIncome×D×Treat | −0.146*** |
| (−2.83) | |
| LnIncome×D×Post | −0.103* |
| (−1.94) | |
| LnIncome×D×Treat×Post | 0.123** |
| (2.00) | |
| Post | 0.232*** |
| (3.94) | |
| Treat×Post | 0.023*** |
| (3.30) | |
| LnIncome×D×D_Twoyear | 0.194*** |
| (5.93) | |
| LnIncome×D×Eco_Growth | 0.975* |
| (1.80) | |
| LnIncome×D×Employ_Inten | −0.005 |
| (−0.71) | |
| LnIncome×D×Asset_Inten | −0.019*** |
| (−5.61) | |
| D_Twoyear | 0.001 |
| (0.11) | |
| Employ_Inten | 1.522*** |
| (3.38) | |
| Asset_Inten | 0.006** |
| (2.13) | |
| ROA | 0.002 |
| (1.20) | |
| Lev | −0.159*** |
| (−3.99) | |
| MKI | −0.022 |
| (−1.22) | |
| Firsthold | 0.009** |
| (2.19) | |
| Ind | 0.153*** |
| (5.59) | |
| Dual | −0.132*** |
| (−3.10) | |
| Mshare | −0.000 |
| (−0.06) | |
| Constant | 0.139*** |
| (5.08) | |
| Firm | Yes |
| Year | Yes |
| Observations | 29,240 |
| Adjusted R-squared | 0.298 |
| Variables | (1) |
|---|---|
| 0.489*** | |
| (39.58) | |
| −0.252*** | |
| (−2.83) | |
| −0.146*** | |
| (−2.83) | |
| −0.103* | |
| (−1.94) | |
| 0.123** | |
| (2.00) | |
| 0.232*** | |
| (3.94) | |
| 0.023*** | |
| (3.30) | |
| 0.194*** | |
| (5.93) | |
| 0.975* | |
| (1.80) | |
| −0.005 | |
| (−0.71) | |
| −0.019*** | |
| (−5.61) | |
| 0.001 | |
| (0.11) | |
| 1.522*** | |
| (3.38) | |
| 0.006** | |
| (2.13) | |
| 0.002 | |
| (1.20) | |
| −0.159*** | |
| (−3.99) | |
| −0.022 | |
| (−1.22) | |
| 0.009** | |
| (2.19) | |
| 0.153*** | |
| (5.59) | |
| −0.132*** | |
| (−3.10) | |
| −0.000 | |
| (−0.06) | |
| 0.139*** | |
| (5.08) | |
| Yes | |
| Yes | |
| 29,240 | |
| 0.298 |
Note(s): ***, ** and * denote statistical significance at the 1, 5 and 10 levels, respectively; robust t-statistics are in parentheses; standard errors clustered at the firm level
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