Table 13 Robustness tests: control the... | Emerald Publishing

Table 13

Robustness tests: control the year trend of the industry

	(1)	(2)
	${A p p l y}_{t + 1}$	${A p p l y_I}_{t + 1}$
Cross	0.128**	0.196***
Cross	(0.057)	(0.051)
Growth	−0.078***	−0.042***
Growth	(0.017)	(0.014)
IND	0.345	0.252
IND	(0.213)	(0.187)
Lev	0.019	−0.009
Lev	(0.082)	(0.070)
Cash	−0.045	−0.011
Cash	(0.107)	(0.095)
PPE	−0.935***	−0.796***
PPE	(0.081)	(0.070)
ROA	3.378***	2.515***
ROA	(0.209)	(0.173)
Share	−0.003	−0.220***
Share	(0.084)	(0.074)
Separation	−0.116	0.012
Separation	(0.158)	(0.138)
SOE	−0.072**	0.024
SOE	(0.030)	(0.026)
Size	0.288***	0.308***
Size	(0.015)	(0.013)
Tobin_q	−0.019*	0.026***
Tobin_q	(0.011)	(0.010)
Age	−0.291***	−0.212***
Age	(0.036)	(0.031)
Year FEs	Yes	Yes
Industry FEs	Yes	Yes
Year × Industry FEs	Yes	Yes
Constant	−4.853***	−5.599***
Constant	(0.844)	(0.749)
Observations	17,168	17,168
$R^{2}$	0.222	0.184

	(1)	(2)
	${A p p l y}_{t + 1}$	${A p p l y_I}_{t + 1}$
Cross	0.128**	0.196***
Cross	(0.057)	(0.051)
Growth	−0.078***	−0.042***
Growth	(0.017)	(0.014)
IND	0.345	0.252
IND	(0.213)	(0.187)
Lev	0.019	−0.009
Lev	(0.082)	(0.070)
Cash	−0.045	−0.011
Cash	(0.107)	(0.095)
PPE	−0.935***	−0.796***
PPE	(0.081)	(0.070)
ROA	3.378***	2.515***
ROA	(0.209)	(0.173)
Share	−0.003	−0.220***
Share	(0.084)	(0.074)
Separation	−0.116	0.012
Separation	(0.158)	(0.138)
SOE	−0.072**	0.024
SOE	(0.030)	(0.026)
Size	0.288***	0.308***
Size	(0.015)	(0.013)
Tobin_q	−0.019*	0.026***
Tobin_q	(0.011)	(0.010)
Age	−0.291***	−0.212***
Age	(0.036)	(0.031)
Year FEs	Yes	Yes
Industry FEs	Yes	Yes
Year × Industry FEs	Yes	Yes
Constant	−4.853***	−5.599***
Constant	(0.844)	(0.749)
Observations	17,168	17,168
$R^{2}$	0.222	0.184

Note(s): ***, ** and * denote signiﬁcance at the 1%, 5% and 10% level, respectively

Source(s): Authors' own work