Table 4

Parallel trend test

VariableDM
Pre3−0.0057
(−0.35)
Pre20.0042
(0.28)
Post00.0502*
(1.95)
Post10.0610***
(2.71)
Post20.0503**
(2.15)
Size0.0904***
(8.96)
ROA−0.0216
(−0.24)
Growth−0.0089**
(−2.09)
Lev0.0774*
(1.96)
AM0.0192
(0.39)
CFO0.1585***
(3.72)
Top10.0014**
(2.45)
Dual−0.0110
(−1.14)
QFII0.0085
(0.01)
Constant−1.7278***
(−7.88)
Firm FEControl
Year FEControl
R20.2213
N10,351

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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