Parallel trend test
| Variable | DM |
|---|---|
| Pre3 | −0.0057 |
| (−0.35) | |
| Pre2 | 0.0042 |
| (0.28) | |
| Post0 | 0.0502* |
| (1.95) | |
| Post1 | 0.0610*** |
| (2.71) | |
| Post2 | 0.0503** |
| (2.15) | |
| Size | 0.0904*** |
| (8.96) | |
| ROA | −0.0216 |
| (−0.24) | |
| Growth | −0.0089** |
| (−2.09) | |
| Lev | 0.0774* |
| (1.96) | |
| AM | 0.0192 |
| (0.39) | |
| CFO | 0.1585*** |
| (3.72) | |
| Top1 | 0.0014** |
| (2.45) | |
| Dual | −0.0110 |
| (−1.14) | |
| QFII | 0.0085 |
| (0.01) | |
| Constant | −1.7278*** |
| (−7.88) | |
| Firm FE | Control |
| Year FE | Control |
| R2 | 0.2213 |
| N | 10,351 |
| Variable | DM |
|---|---|
| Pre3 | −0.0057 |
| (−0.35) | |
| Pre2 | 0.0042 |
| (0.28) | |
| Post0 | 0.0502* |
| (1.95) | |
| Post1 | 0.0610*** |
| (2.71) | |
| Post2 | 0.0503** |
| (2.15) | |
| Size | 0.0904*** |
| (8.96) | |
| ROA | −0.0216 |
| (−0.24) | |
| Growth | −0.0089** |
| (−2.09) | |
| Lev | 0.0774* |
| (1.96) | |
| AM | 0.0192 |
| (0.39) | |
| CFO | 0.1585*** |
| (3.72) | |
| Top1 | 0.0014** |
| (2.45) | |
| Dual | −0.0110 |
| (−1.14) | |
| QFII | 0.0085 |
| (0.01) | |
| Constant | −1.7278*** |
| (−7.88) | |
| Firm FE | Control |
| Year FE | Control |
| 0.2213 | |
| 10,351 |
Note(s): This table presents the regression results of parallel trend test. We employ the first year before firms entering the trading list of the SHZHC as the benchmark. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively
Source(s): Table by authors
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