Table 12

Reconstruct the dependent variable after removing management compensation

Variables(1)
LnSGA
LnIncome0.482***
(40.76)
LnIncome×D−0.158*
(−1.93)
LnIncome×D×Treat−0.111**
(−2.41)
LnIncome×D×Post−0.101**
(−2.09)
LnIncome×D×Treat×Post0.120**
(2.12)
Treat−0.031***
(−5.92)
Post0.085***
(8.15)
Treat×Post0.017***
(2.81)
LnIncome×D×D_Twoyear0.153***
(5.10)
LnIncome×D×Eco_Growth0.625
(1.28)
LnIncome×D×Employ_Inten−0.007
(−1.27)
LnIncome×D×Asset_Inten−0.019***
(−6.48)
D_Twoyear−0.013**
(−2.20)
Employ_Inten0.001
(0.39)
Asset_Inten−0.003**
(−2.50)
ROA0.001
(0.02)
Lev−0.009
(−1.00)
MKI0.004***
(4.62)
Firsthold0.057***
(6.30)
Ind−0.038
(−1.57)
Dual−0.001
(−0.35)
Mshare0.135***
(11.93)
Constant−0.050**
(−2.55)
IndustryYes
YearYes
Observations29,240
Adjusted R-squared0.324

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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