|
Variables
|
Panel A: Results based on RDI |
Panel B: Results based on RDE |
| (1) |
(2) |
(3) |
(4) |
(5) |
(6) |
| Treat×After |
-0.2797*** |
-0.3694*** |
-0.2329*** |
-0.2027*** |
-0.2514*** |
-0.1019** |
| (-3.95) |
(-5.64) |
(-3.52) |
(-4.08) |
(-5.96) |
(-2.41) |
|
Human
|
2.4560*** |
2.4280*** |
2.4774*** |
0.4727*** |
0.4550*** |
0.4911*** |
| (12.80) |
(12.69) |
(12.90) |
(4.25) |
(4.11) |
(4.39) |
|
lnAge
|
-0.6629*** |
-0.6341*** |
-0.6510*** |
-0.2665*** |
-0.2476*** |
-0.2661*** |
| (-6.77) |
(-6.52) |
(-6.61) |
(-4.40) |
(-4.14) |
(-4.38) |
|
lnSize
|
-0.0615* |
-0.0787** |
-0.0833** |
0.7797*** |
0.7671*** |
0.7647*** |
| (-1.66) |
(-2.16) |
(-2.27) |
(30.57) |
(30.42) |
(30.12) |
|
Tobin’s Q
|
-0.0128 |
-0.0169 |
-0.0100 |
-0.0128 |
-0.0152 |
-0.0094 |
| (-0.27) |
(-0.36) |
(-0.21) |
(-0.49) |
(-0.59) |
(-0.36) |
|
Leverage
|
-0.8444*** |
-0.8130*** |
-0.8556*** |
-0.1685 |
-0.1493 |
-0.1877 |
| (-4.22) |
(-4.07) |
(-4.28) |
(-1.23) |
(-1.09) |
(-1.37) |
|
ROA
|
3.7616*** |
3.7835*** |
3.7689*** |
3.9793*** |
4.0004*** |
4.0227*** |
| (4.91) |
(4.93) |
(4.87) |
(7.93) |
(7.99) |
(7.95) |
|
Fixs
|
-0.3900* |
-0.4606** |
-0.4985** |
-0.0439 |
-0.0968 |
-0.1228 |
| (-1.75) |
(-2.09) |
(-2.26) |
(-0.25) |
(-0.55) |
(-0.70) |
|
SOE
|
-0.2735*** |
-0.2777*** |
-0.2833*** |
-0.1008** |
-0.1048** |
-0.1127** |
| (-3.90) |
(-3.98) |
(-4.04) |
(-2.01) |
(-2.11) |
(-2.25) |
|
Large
|
-0.0049** |
-0.0051** |
-0.0049** |
-0.0005 |
-0.0007 |
-0.0004 |
| (-2.36) |
(-2.50) |
(-2.36) |
(-0.37) |
(-0.50) |
(-0.32) |
|
lnTFP
|
-0.2761** |
-0.3036*** |
-0.2839** |
0.0217 |
0.0026 |
0.0162 |
| (-2.39) |
(-2.66) |
(-2.45) |
(0.26) |
(0.03) |
(0.19) |
|
Manage
|
15.3335*** |
15.3598*** |
15.1626*** |
-0.4910 |
-0.4762 |
-0.5864 |
| (14.98) |
(15.03) |
(14.74) |
(-1.11) |
(-1.08) |
(-1.30) |
|
Cons
|
3.6022*** |
3.9081*** |
4.0371*** |
4.4660*** |
4.6947*** |
4.7897*** |
| (4.06) |
(4.45) |
(4.58) |
(7.36) |
(7.80) |
(7.92) |
|
Firm FE
|
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Year FE
|
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Adjust R2
|
0.5114 |
0.5137 |
0.5109 |
0.5066 |
0.5086 |
0.5046 |
| Observations |
3250 |
3250 |
3250 |
3250 |
3250 |
3250 |