Figure 1
The diagram is a timeline that compares the commitment period for RM firms (treatment group) and IPO firms (control group) over a six-year window. The timeline for RM firms includes a three-year commitment period from t to t+2 and a three-year post-commitment period from t+3 to t+5. The timeline for IPO firms covers years t, t+1, t+2, t+3, t+4, and t+5 following public listing. The diagram uses horizontal lines to represent the timelines and labels to indicate the different periods.Sample structure. Note: This figure illustrates the sample structure. For the RM firms (i.e. the treatment group in the DID approach), the six-year window covers the three-year commitment period and the three-year post-commitment period. For the IPO firms (i.e. the control group in the DID approach), the six-year window covers years t, t+1, t+2, t+3, t+4 and t+5 following public listing