Table 4 Benchmark regression results.
Variable | NQP | NQP | NQP | NQP |
|---|---|---|---|---|
DID | 0.0652*** | 0.0165*** | 0.0606*** | 0.0145** |
(22.68) | (2.63) | (20.41) | (2.38) | |
size | 0.0336*** | 0.0004 | ||
(12.66) | (0.06) | |||
sale | -0.0181*** | 0.0156** | ||
(-7.21) | (2.44) | |||
cflow | 0.520*** | 0.141*** | ||
(20.64) | (6.95) | |||
age | -0.0244*** | 0.0997*** | ||
(-5.46) | (3.67) | |||
growth | -0.0025 | -0.0006 | ||
(-1.38) | (-0.34) | |||
top10 | -0.0003*** | -0.0009*** | ||
(-3.67) | (-3.88) | |||
roa | -0.290*** | -0.206*** | ||
(-10.05) | (-7.32) | |||
lev | -0.0946*** | 0.0238 | ||
(-9.45) | (1.25) | |||
_cons | 0.451*** | 0.478*** | 0.216*** | -0.120 |
(228.51) | (138.68) | (7.32) | (-0.90) | |
Firm | NO | YES | NO | YES |
Year | NO | YES | NO | YES |
N | 29,290 | 29,290 | 29,290 | 29,290 |
r2 | 0.0167 | 0.714 | 0.0436 | 0.719 |
