Table 7 Spillover effect test results.
Variable | 0–100 KM | 100–200 KM | 200–300 KM | 300–400 KM | 400+ KM |
|---|---|---|---|---|---|
DID | 0.0374 | 0.222* | − 0.184 | 0.615*** | 0.617* |
(0.26) | (1.83) | (− 0.81) | (3.18) | (1.87) | |
Size | 0.529*** | 0.523*** | 0.530*** | 0.560*** | 0.539*** |
(7.71) | (8.40) | (6.65) | (7.16) | (6.70) | |
Age | − 0.546** | − 0.540*** | − 0.566** | − 0.395 | − 0.425 |
(− 2.57) | (− 2.87) | (− 2.24) | (− 1.62) | (− 1.60) | |
Lev | − 0.0114*** | − 0.0101*** | − 0.0123*** | − 0.0123*** | − 0.0103** |
(− 3.00) | (− 3.06) | (− 2.90) | (− 2.85) | (− 2.23) | |
Sub | − 0.0834* | − 0.0245 | − 0.0707 | − 0.0406 | − 0.0355 |
(− 1.86) | (− 0.60) | (− 1.42) | (− 0.81) | (− 0.69) | |
Growth | 0.00233 | 0.0129 | 0.0254 | 0.0144 | 0.00939 |
(0.08) | (0.55) | (0.84) | (0.48) | (0.29) | |
Roa | 0.506 | 0.256 | − 0.164 | − 0.0234 | 0.169 |
(0.78) | (0.42) | (− 0.22) | (− 0.03) | (0.22) | |
Cashflow | 0.226 | 0.246 | 0.278 | 0.262 | 0.312 |
(1.03) | (1.28) | (1.11) | (1.06) | (1.23) | |
_ cons | 2.570*** | 1.475* | 2.338** | 1.132 | 1.152 |
(2.69) | (1.67) | (2.24) | (1.08) | (1.08) | |
Industry | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes |
N | 5088 | 5896 | 3976 | 3912 | 3712 |
r2 | 0.442 | 0.457 | 0.445 | 0.470 | 0.454 |
