Table 11

Placebo test

Variables(1)(2)
LnSGALnSGA
LnIncome0.460***0.500***
(33.89)(38.81)
LnIncome×D−0.199**−0.340***
(−2.21)(−4.15)
LnIncome×D×Treat−0.0660.027
(−1.06)(0.56)
LnIncome×D×Post−0.0230.058
(−0.37)(1.44)
LnIncome×D×Treat×Post0.063−0.044
(0.86)(−0.74)
Treat−0.020***−0.022***
(−3.20)(−4.36)
Post0.005−0.024***
(0.42)(−3.37)
Treat×Post−0.0030.009
(−0.39)(1.56)
LnIncome×D×D_Twoyear0.121***0.151***
(3.36)(4.52)
LnIncome×D×Eco_Growth0.744*0.967
(1.75)(1.60)
LnIncome×D×Employ_Inten−0.015**−0.009
(−2.40)(−1.25)
LnIncome×D×Asset_Inten−0.017***−0.019***
(−5.08)(−5.57)
D_Twoyear−0.017**−0.015**
(−2.36)(−2.39)
Employ_Inten−0.0010.002
(−0.53)(1.20)
Asset_Inten−0.002−0.002*
(−1.58)(−1.94)
ROA−0.077**−0.019
(−2.04)(−0.58)
Lev−0.0170.002
(−1.48)(0.19)
MKI0.004***0.004***
(4.28)(5.09)
Firsthold0.054***0.051***
(5.25)(5.29)
Ind−0.073**−0.008
(−2.53)(−0.30)
Dual−0.0030.001
(−0.70)(0.33)
Mshare0.156***0.122***
(11.44)(10.38)
Constant0.078***0.042**
(3.43)(2.22)
IndustryYesYes
YearYesYes
Observations25,12423,540
Adjusted R-squared0.2750.350

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

[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close Modal
Close Modal