Table 9 Mechanism analysis.
Variable | (1) | (2) | (3) |
---|---|---|---|
ADC | ABC | INC | |
θ0 | 0.0191*** (0.0080) | 0.0470*** (0.0043) | 0.0308* (0.0054) |
Control | Yes | Yes | Yes |
Control2 | Yes | Yes | Yes |
Firms/Year FE | Yes | Yes | Yes |
N | 22,407 | 19,118 | 19,932 |
Variable | (1) | (2) | (3) |
---|---|---|---|
ADC | ABC | INC | |
θ0 | 0.0191*** (0.0080) | 0.0470*** (0.0043) | 0.0308* (0.0054) |
Control | Yes | Yes | Yes |
Control2 | Yes | Yes | Yes |
Firms/Year FE | Yes | Yes | Yes |
N | 22,407 | 19,118 | 19,932 |