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